Insurers have received over 86,000 claims related to the floods in south-east Queensland and New South Wales, says the Insurance Council of Australia (ICA).
The ICA says that most claims (72%) comes from Queensland, and that 83% of the total claims are for domestic property, with the remainder being motor vehicle.
The estimated current cost of claims, said the ICA, is now $1.3bn and expected to increase.
Andrew Hall, CEO of the ICA, said: “As expected, claims continue to grow from this widespread event, which is shaping up to be one of the most significant floods this country has experienced.
“We will always have extreme weather in Australia, but if we want different outcomes the future. Australian governments must increase investment in measures to retrofit homes and better protect communities.”
The ICA’s new figure of $1.3bn in the cost of claims is a dramatic increase from last week, when the council estimated that the cost would be $900m. In its most-recent statement, the ICA said there had been a 28% increase in claims from last Friday, including a 49% increase in claims from New South Wales.