More than 95,000 claims have been lodged following Ex-Tropical Cyclone Alfred, with the loss total nearing $1 billion, according to the latest Insurance Council of Australia figures.

Insurers have settled about 30% of claims, the data released last week shows, and ICA has praised the industry’s prioritisation of immediate relief and accommodation for customers whose homes are uninhabitable.  

The loss figures are the Insurance Council’s first for Alfred. S&P Global Ratings earlier projected the figure would pass $2 billion, and the Australian Reinsurance Pool Corporation said it expected the cyclone pool to cover about $1.7 billion – its costliest event since launching in 2022.

ICA says losses from Alfred and the February north Queensland floods combined have topped $1.2 billion. 

More than 10,000 February flood claims have been made, totalling $233 million in insured losses. Food spoilage and water ingress have been major claims drivers.  

Insurance Council CEO Andrew Hall said last week the industry is now turning its attention to floods in west Queensland. 

“While only a small number of claims have been received so far for the most recent floods in western Queensland, insurers are assisting customers to help ease stress and uncertainty,” he said last week.

“Once access is restored, insurers stand ready to deploy resources to impacted areas.”