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Summer catastrophe bill passes $3.5 billion

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Total insured losses from this summer’s fire, hail and flood catastrophes have passed $3.5 billion, according to the latest Insurance Council of Australia (ICA) figures.

Losses from floods and storms in Queensland and NSW earlier this year have risen dramatically to more than $466 million from 56,418 claims.

Bushfire losses have also risen slightly to $2 billion from 27,132 claims, and losses from January’s hailstorms across Victoria, ACT, NSW and Queensland have risen to $891 million from 87,500 claims.

Hailstorms in southeast Queensland in November caused losses of $166 million, while claims from smaller fires in Queensland and NSW in September and October resulted in combined losses of $56 million.