The Queensland floods and Cyclone Yasi have cost local insurers almost $1 billion, according to the Insurance Council of Australia (ICA).

The figures represent 118,000 claims to April 30 and relate to $3.6 billion in damages, an ICA spokesman told insuranceNEWS.com.au.

“The general insurance industry has paid out directly to policyholders in affected communities around $960 million, and continues to pay out over $12 million to policyholders every single working day.”

He says ICA members have completed 97% of claims assessments for both the floods and Yasi, with 3% of residential claims still to be settled. About 1% of claims have gone to insurers’ internal dispute resolution processes.

Disputed flood claims will also come into focus in Ipswich on Wednesday and Thursday when the Financial Ombudsman Service and ICA representatives meet residents.

Residents can book one-on-one interviews with the two agencies to gain help to resolve or progress their case.