Claims by residents and businesses hit by Cyclone Larry last year are expected to climb above $500 million, and the overall cost is projected to exceed $1 billion.

A year after Australia’s most destructive cyclone in two decades crossed the north Queensland coast, the cost of Cyclone Larry is still being counted. The Insurance Council of Australia (ICA) says about 27,000 claims totalling $369 million have been registered.

ICA says commercial and domestic claims will end up costing insurers close to $540 million. The Queensland and Federal governments have made a combined contribution of $560 million in reconstruction funds.

The government funds have been mainly directed towards farm and business wage subsidies, homeowners, road repairs and loans for primary producers and small business.

ICA says building claims are averaging just under $17,000 and commercial claims are averaging $34,700.

The Operation Recovery Taskforce headed by retired army general Peter Cosgrove has now been disbanded and most of the rebuilding is finished.