Australia’s April-May Storm Loss Claims Reach US$1.208 Billion

June 3, 2015

The Insurance Council of Australia (ICA) announced that insurance losses from claims following from storms in April and May at A$1.551 billion [US$1.208 billion], as a series of severe storms hit eastern Australia.

The ICA said its “member companies have received 119,935 claims following storms that struck widespread areas of New South Wales (in particular the Central Coast, Hunter, Greater Sydney Metropolitan and Illawarra regions) over several days in April. Insurance losses to date total A$801.7 million [US$624.5 million] in losses (A$629.6 million [US$490.5 million] for domestic claims, A$172.1 million [US$134.06 million] for commercial).”

In addition the country’s insurers “are handling 14,239 claims following the hailstorm that struck Sydney on Anzac Day, with losses of A$389.8 million [US$314.8 million]. A large proportion of these claims (A$302.4 million [US$235.6 million]) are for commercial policies, mainly for damage to industrial properties.

“The storms that rolled across South-East Queensland and Northern NSW between April 30 and May 4 caused A$360.2 million [US$280.6 million] in losses (A$289.8 million [US$225.74 million] for domestic claims, A$70.2 million [US$54.7 million] for commercial claims), with 27,825 claims received.

“Insurers and insurance brokers continue to handle fresh claims from household and commercial policyholders.”

The bulletin also noted that “since last November insurance claims for ICA-declared catastrophes have totaled more than A$3.45 billion [US$2.687 billion], including the following (as of June 1):
• Tropical Cyclone Marcia (February 2015) – 36,483 claims, more than A$518 million [US$403.5 million] in losses (commercial A$190.3 million [US$148.2 million], domestic A$327.7 million [US$255.26 million])
• South Australian bushfires (January 2015) – 996 claims and A$36.6 million [US$28.5 million] in losses (commercial A$12 million [US$9.7 million], domestic A$24.6 million [US$19.86 million])
• Brisbane hailstorm (November 2014) – 121,195 claims and more than A$1.35 billion [US$1.05 billion] in losses (commercial A$513.3 million [US$462.2 million], domestic A$837.5 million [US$652.4 million]).”

Source: Insurance Council of Australia (ICA)

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