Claims paid by insurers for the Queensland flood and Cyclone Yasi have risen to more than $1.6 billion.

Latest figures from the Insurance Council of Australia (ICA) released today show 99% of residential properties have been assessed.

ICA member companies have now reserved an estimated $3.66 billion for 126,888 claims, with 69,497 attributed to damage from Cyclone Yasi and 57,191 relating to the floods.

CEO Rob Whelan says $18.5 million a day was paid out last month in either cash payments or in construction and repair services, proving that the “industry is strong and responding well to recent disasters”.

“The number of claims already paid demonstrates the importance of a responsive and secure insurance industry able to appropriately determine claims,” he said.