The claims cost of Christmas and New Year floods and Cyclone Jasper has reached $1.2 billion, with 28% of cases already closed, according to the Insurance Council of Australia.

The figure is up from a first estimate of $743 million in January.

“The increase in insured losses shows insurers have assessed costs and are actively working with local authorities, builders, suppliers and engineers to expedite repairs,” the Insurance Council said. 

Storms that hit Queensland, NSW and Victoria from December 23 to January 3 produced insured losses of $968 million from nearly 90,000 claims.

The Insurance Council says $171 million has already been paid and claims closures are proceeding in line with similar past events. The average claim cost is below $10,000, which is lower than for most similar events.

Losses from ex-Tropical Cyclone Jasper, which hit Queensland from Cape York Peninsula to Townsville from December 10-16, have reached $278 million from nearly 10,000 claims.

So far, 21% of these claims have been closed and $62 million paid. The average claim cost is about $28,000, which the Insurance Council says shows “the severe nature of the damage and the more complex claims from this event”.

Council CEO Andrew Hall says insurers have provided community consultations and in-person claims assistance, and rebuilding efforts are beginning. Claims will remain open until all works are completed and approved, which “may take some time. Thorough assessments and proper repairs are crucial for long-term recovery.”

Data from mid-February storms in Victoria will be available next week.