Losses from Cyclone Debbie are set to exceed $1 billion based on claims received by insurers, while a natural catastrophe data company has raised its estimate for the total bill.

More than 58,000 claims with a value of $988 million were lodged as of last Wednesday, according to the Insurance Council of Australia (ICA).

More than 80% were for damage to homes and contents.

The cyclone crossed the Queensland coast near Airlie Beach on March 28, bringing damaging winds then widespread storms and flooding as the weather system moved south into NSW.

ICA’s latest figures make it the costliest natural catastrophe since a Brisbane hailstorm caused losses of $1.39 billion in November 2014, and the most damaging cyclone since Yasi hit Queensland in February 2011.

Perils, a Swiss organisation that provides catastrophe insurance data, last week revised its estimate of losses to $1.41 billion, up from its May 9 estimate of about $1.12 billion.

ICA is holding a series of community information forums in north Queensland from this week to answer questions about insurance and discuss the impact of extreme weather events and mitigation. The events begin in Cairns tonight and finish in Rockhampton on July 11.