Australia's spate of summer catastrophes has cost insurance companies more than $515 million, and that cost could climb higher as more claims are lodged.
Over the past seven weeks, bushfires have ravaged South Australia's Pinery region, the scenic Great Ocean Road in Victoria and Western Australia's southwest region, while a tornado ripped through parts of Sydney earlier in January.
"Insurers are paying out more than $1.3 million each working day in repairs, building works, settlements and assistance to policyholders just for these four disasters," Insurance Council of Australia chief executive Rob Whelan said on Friday.
Two people died in WA while bushfires across the country destroyed more than 350 homes. A sailor died after a large wave washed him off his yacht off the NSW north coast during a storm earlier in January and a man died in a storm that hit the Sydney region on Thursday.
The ICA says the $515 million figure doesn't include losses from many other smaller events, including recent flood and storm damage in parts of Sydney and the Hunter region.
The Sydney tornado was the most costly of the four major disasters, with insured losses passing the $202 million mark.
The Pinery bushfires cost $170 million, while the Great Ocean Road bushfires cost $86 million. Insured losses for the Yarloop bushfires in WA's southwest have passed $57 million.
Despite the scale of the damage, Mr Whelan doesn't expect policyholders in the affected areas to be slugged with hefty price increases.
Insurers anticipated summer could be difficult, and the losses are within their expectations, Mr Whelan said.
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