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Insurers' storm bill is $56m and rising

The insurance industry's bill for the east coast storms has passed $56 million, a long way short of the $950 million from April 2015's wild NSW weather.

Residents clean up homes and businesses after flooding in Picton
The insurance industry's bill for the east coast storms has passed $56m and is set to rise further. (AAP)

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Source: AAP


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The insurance industry's bill for the east coast storms has passed $56 million and is still climbing.

The Insurance Council of Australia says that, by 0900 AEST on Tuesday, its members had received 14,500 claims across Queensland, NSW, Victoria and Tasmania.

But the total repair bill still looks set to pale alongside that from previous natural disasters.

"Though this is clearly a devastating event for those directly affected, the overall impact of these storms remains well below some other recent events, including last April's east coast low and 2014's Brisbane hailstorm, so insurers are well resourced," acting ICA chief executive Karl Sullivan said.

The storms and hail associated with April 2015's east coast low off the coast of Sydney and the Hunter region caused insured losses of $950 million, while the 2014 Brisbane hailstorm cost insurers $1.4 billion.

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Mr Sullivan stressed that the tally from the latest storms, which started Friday and are still active, could yet rise.

"While the storm front has moved past Queensland and NSW, heavy rains are still causing damage and flooding in more southern parts of Australia, especially in Tasmania," Mr Sullivan said.

IAG, which operates through NRMA Insurance, Coles Insurance, CGU Insurance and WFI Insurance in the affected areas, will use drones to photograph roof damage in Sydney in an effort to speed up its claims assessment.


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