ICA reveals initial estimated losses for Tropical Cyclone Jasper

ICA reveals initial estimated losses for Tropical Cyclone Jasper | Insurance Business Australia

Catastrophe & Flood

ICA reveals initial estimated losses for Tropical Cyclone Jasper

Data also reveals financial toll incurred by Christmas and New Year storms

Catastrophe & Flood

By
Roxanne Libatique

The Insurance Council of Australia (ICA) has unveiled its initial assessment of the financial toll incurred by ex-Tropical Cyclone Jasper and the Christmas and New Year storms. The estimated insured losses have surpassed $743 million.

Ex-Tropical Cyclone Jasper, which wreaked havoc from Cape York Peninsula to Townsville between December 10 and 16, has resulted in 8,068 claims, accumulating insured losses of $202 million. The claims breakdown includes:

1,597 for contents, amounting to $17 million;
4,398 for building, totalling $139 million; and
1,130 for motor, reaching $15 million.

Christmas and New Year storms claims

The Christmas and New Year storms – impacting regions in Queensland, New South Wales, and Victoria from December 23 to January 3 – have generated a staggering 70,965 claims.

The associated insured losses stand at $541 million, with a detailed breakdown revealing:

24,402 claims for contents ($60 million);
28,793 claims for building ($332 million); and
14,100 claims for motor ($91 million).

Notably, 74% of claims related to the Christmas and New Year storms originate from Queensland, 21% from New South Wales, and 5% from Victoria.

“These two severe weather events have had a significant impact on many, and insurers are committed to supporting their customers through this challenging time,” said ICA CEO Andrew Hall. “We encourage anyone affected by Cyclone Jasper and the flooding or the Christmas and New Year storms to contact their insurer as soon as possible to lodge a claim.”

In-person consultations

The ICA, along with insurers, is engaged in community forums and customer consultations in Cairns, providing essential information and support to those affected by ex-Tropical Cyclone Jasper. Further efforts are planned with upcoming forums in Upper Coomera, Jimboomba, and Tamborine Mountain in southeast Queensland from January 31 to February 2.

These forums serve as a platform for impacted policyholders to engage directly with their insurers, offering valuable insights into the claims process and avenues for appeal.

Hall emphasised the ongoing vigilance of insurers in monitoring the situation in Queensland.

“Insurers are closely monitoring the situation in Queensland as it is clear we are still moving through the summer season of tropical weather with another potential cyclone forming in the Coral Sea,” he said.