Insurance companies have set aside more than $4.23 billion to pay for claims related to this year’s tally of natural disasters, according to the latest figures from the Insurance Council of Australia (ICA).

The total expected cost of the Queensland floods is sitting at $2.4 billion, with $1.3 billion already paid out on 76% of the claims.

Only one new claim was made in September for flood damage, bringing the total number of claims to 57,731.

The number of claims over Cyclone Yasi continues to mount, with 310 new claims made in September. Yasi is expected to cost the industry $1.3 billion, with $738 million already paid and 67% of claims closed.

The figures are based on the reserved and paid value ascribed to the disasters by insurance companies, but the final figure may be different.

ICA’s GM Risk and Disaster Planning Karl Sullivan says it’s not unusual for the reserved amount to come down over time “because it includes the sum set aside for investigations and other costs”.

“In really large events some companies can find savings such as hiring a builder to build 20 houses,” Mr Sullivan told insuranceNEWS.com.au.

“These figures are at the upper end of things.”

But he warned the ICA statistics don’t include some large industrial and mining projects which may have dealt directly with reinsurers.

Elsewhere around Australia, the damage from storms in Victoria dating back to early February is running at $384 million, with 48,962 claims lodged.

The January floods in regional Victoria caused 7791 claims estimated to cost a further $114 million.

And the 410 claims from bushfires that hit Perth’s outer suburbs in February are expected to cost $45 million.