At least 150 properties in North Queensland have been destroyed by Cyclone Yasi and 650 significantly damaged, according to the Insurance Council of Australia (ICA).

CEO Rob Whelan said this morning it’s too early yet to establish “meaningful” claims data from the cyclone, which devastated areas south of Cairns in North Queensland last week.

“The general insurance industry is currently undertaking assessments as quickly and efficiently as possible in those affected areas,” he said.

Cairns and Innisfail were spared the worst of Cyclone Yasi , which concentrated its fury on the small communities of Mission Beach, Tully, Tully Heads and Cardwell.

Insurance losses in the agricultural sector are expected to be substantial, with early estimates from losses to sugar cane and banana crops already passing $1 billion.

California-based risk modeller Eqecat estimates the economic losses for Cyclone Yasi will be between $1.5 billion and $5 billion.

It says in a report that the damaging winds from Yasi were five times faster than Cyclone Larry, which hit the region in 2006.

“Yasi is a much broader storm, affected a much larger population and an area roughly five times the area impacted by Larry.”

Boston-based AIR Worldwide estimates insured losses to properties and business income will be between $350 million and $1.5 billion, while London-based Tropical Storm Risk says the cost to insurers could be as much as $3.5 billion.