The Insurance Council of Australia (ICA) has revealed that more than 85% of claims from Cyclone Debbie have now closed, totalling AU$1 billion (roughly US$770mn).
Data from the ICA shows that overall insurance losses from the event have now reached $1.565 billion (roughly US$1.2bn) from 72,767 claims, making Debbie the second-most expensive cyclone in the country’s history, and the most expensive cyclone to strike Queensland.
From the middle of September a further 3,919 household and business claims have been filed, which increased the total losses by AU$89 million (roughly US$68mn).
According to the ICA’s Chief Executive Officer (CEO), Rob Whelan, insurance companies had paid out approximately AU$335 million (roughly US$257mn) in repairs and services in just the last six weeks.
“Insurers are injecting $11.8 million each working day into affected communities stretching from the Whitsundays through to southern New South Wales. The closure rate for Cyclone Debbie is running at least 15 per cent ahead of any previous natural disaster.
“Some customers in the worst-hit areas, including the Whitsundays, may have more complex scopes of works to define and complete. Insurers have employed teams of local tradespeople as well as large building firms to accelerate the pace of these building works once agreements are reached with customers,” said Whelan.
Whelan stressed that Queensland was facing a higher-than-normal level of cyclone activity this summer, and urged both businesses and households to prepare.
