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Hailstorm catastrophe losses rise to $300 million

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Insurance losses from October’s Queensland hailstorms have risen to $300 million as claims continue to be lodged from the event, the Insurance Council of Australia says.

Insurers had received more than 26,000 claims as of noon today from the October 31 storm, which was declared the first natural catastrophe of the current season.

The Bureau of Meteorology says giant hailstones as large as 13-14cm were reported, while RACQ says it was the worst hailstorm destruction since 2014.

Suburbs southwest of Brisbane, including Springfield, Rosewood, Greenbank and Boronia Heights, were among those worst affected. The storms also swept into northern NSW.

RACQ said today that it has received 5244 claims and is starting to see lodgements slow down. The total includes 3029 motor claims and 2215 for property damage.

Suncorp said on Friday it has received around 6400 claims, comprising about 3300 motor claims, 2800 home claims and 300 commercial claims.

The insurer says its natural hazard costs across Australia and New Zealand for the first four months of the financial year are estimated at $348-408 million, including $180-220 million from the recent damage in Queensland and NSW.