Insurance losses from ex-Tropical Cyclone Alfred and the North Queensland floods in February have now surpassed AU$1.2 billion, according to the Insurance Council of Australia (ICA).The ICA reports that insurers have received over 95,000 claims related to ex-Tropical Cyclone Alfred, totaling nearly AU$1 billion in damages.Additionally, more than 10,000 claims have been lodged following the recent North Queensland floods, amounting to AU$233 million.Of the claims linked to ex-Tropical Cyclone Alfred, 81,952 are for home policies, 3,131 for motor vehicles, 5,766 for commercial policies, and 4,018 fall under other categories.

For the North Queensland floods, 6,092 claims are for home policies, 1,118 for motor, 2,123 for commercial, and 794 for other types of coverage.In light of these significant losses, the insurance industry is now closely monitoring the severe weather and flooding affecting western Queensland, particularly in the central west and southwest regions, the ICA explained.“This remains an active emergency across a vast area, with access challenges due to flooding and distance.

With more rain anticipated, insurers’ priority is community safety, and we urge all those affected to monitor conditions and follow emergency services’ advice,” the ICA added.ICA Chief Executive Officer (CEO) Andrew Hall, commented: “It’s been a busy start to 2025 with extreme weather events, particularly for Queenslanders who are now seeing widespread flooding across the state’s west.“While only a small number of claims have been received so far for the most recent floods in western Queensland, insurers are assisting customers to help ease stress and uncertainty.

Once access is restored, insurers stand ready to deploy resources to impacted areas.“If anyone has been impacted by any of these weather events and is yet to make a claim, we encourage you to get in touch with your insurer as soon as you can, even if the extent of the damage isn’t yet known.” “The ICA continues working with governments and relevant agencies on the support the recovery of communities impacted by the North Queensland floods, ex-TC Alfred and the unfolding western Queensland weather event,” Hall concluded..All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance can be accessed online.

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