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Brisbane hailstorm closes on $1 billion mark

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Estimated insurance losses from the November 27 Brisbane hailstorm now stand at $804 million, according to the Insurance Council of Australia.

Industry sources have told that the final figure is expected to exceed $1 billion.

The latest data, released by ICA on December 11, shows 86,800 claims have been lodged by property and vehicle owners.

These comprise 58,000 domestic motor vehicle claims, 22,000 home and contents claims, 4000 commercial property and business claims, and 2800 commercial motor claims.

ICA CEO Rob Whelan warns if people decide to keep hail-damaged vehicles or buy hail-damaged cars, “it could be very challenging to gain comprehensive motor vehicle insurance”.

“Many insurers may not insure motor vehicles with existing hail damage, and there are safety issues to be considered too,” he said.