Fires and floods continue to hit the country, with the Insurance Council of Australia (ICA) declaring a catastrophe for Townsville policyholders.

Reports suggest 2000 properties have been affected by flooding, with vehicles also damaged. About 150-250 millimetres of rain has fallen around Townsville over the past 24 hours, with some areas experiencing nearly a year’s rain over a few days.

Property losses are expected to worsen. The Ross River Dam gates were opened last night to release water, with dangerous and unprecedented flash flooding expected in surrounding suburbs as a result. About 300-400mm of rain has fallen in the Ross River catchment.

ICA has received 1900 claims since Saturday, with insurance losses estimated at $16.7 million.

Claims are being triaged to help those worst-affected and ICA has activated its disaster hotline.

Meanwhile, the insurance bill from the Sydney hailstorm has reached $926.6 million since last Thursday, with 109,144 claims lodged.

As reported last week in a Daily News bulletin, one equity analyst believes payouts could reach $2 billion and lead to premium rises. That would make it one of the most expensive weather events of the past 30 years.

Bushfires continue to rage in Tasmania, with unconfirmed reports of further property losses from the Riveaux Road fire and Great Pine Tier fire yesterday, according to the Tasmania Fire Service. Some 21 fires are now burning, and the fire service has issued 15 alerts for fires that may affect homes. Three homes in the Huon Valley have been destroyed.