The insurance cost of recent natural disasters has fallen, according to adjusted figures from the Insurance Council of Australia.

The bill for January’s Tasmanian bushfires has dropped from $89.2 million to $88.2 million, while the cost of last summer’s Queensland floods has fallen from $979 million to $971 million.

Floods and storms in NSW have also dropped – from $122 million to $119.8 million – but the Coonabarabran bushfire remains at $35 million.

The approximate statistics are taken from insurance companies’ submissions. The final loss figure for an event can take years to resolve.

An insurance council spokesman says the changes are “a natural progression” as insurers move from reserved values made during initial claims assessments to the real cost of meeting the claims.