The Insurance Council of Australia says fresh claims continue to come in
Natural catastrophes that have hit Australia since November have caused more than A$5bn (£2.5bn) in insurance claims so far, with an inevitable impact on the Lloyd’s market, according to the the Insurance Council of Australia (ICA).
Two storms hit New South Wales during April and May that led to about 120,000 claims. The total bill was A$1.2bn, of which A$639.6m was for domestic claims.
Three people were killed and the storms caused widespread damage to Greater Sydney and the Central Coast.
Australia was also hit by two major storms in February. Tropical Cyclone Marcia, a category five storm that hit the Queensland coast between Yeppoon and St Lawrence, and Cyclone Lam, which hit the Northern Territory, led to nearly A$289.8m in claims.
“Insurers and insurance brokers continue to handle fresh claims from household and commercial policyholders,” ICA said.