The Insurance Council of Australia (ICA) has released the latest set of catastrophe claims data, with last year’s February and March floods in NSW and Queensland nearing the $6 billion mark.   

The ICA dataset places the total insured losses from the devastating floods at $5.96 billion, as it continues to exceed the record for Australia’s costliest natural disaster event.   

More than 90% of 242,000 claims lodged have been closed, at an average cost of $24,650 per claim.  

The ICA also reveals costs associated with flooding in Tasmania, Victoria and NSW last October amounting to $712 million, with the average claim cost at $32,464. Over 72% of claims have been closed in relation to this event.  

Other noted significant events in the dataset are last July’s severe storm in NSW, which has amounted to $275 million in insured losses; November floods in Central West NSW at $223 million and a hailstorm in Newcastle in May this year, which has tallied $147 million so far.