Queensland flooding insured losses now at $3.9 billion

Insured losses from the flooding in Queensland, Australia have resulted in US$3.9 billion in claims so far according to the Insurance Council of Australia (ICA). The organisation revealed figures today showing that the insurance industry had assessed over 118,000 claims valued at AU$3.6 billion (US$3.9 billion).

97% of all claims have now been assessed according to the ICA so it looks unlikely that the insured losses will rise significantly higher. The other 3% of claims require further information to help in their assessment.

To date the insurance industry has paid out about $960m of claims and is completing $12m of claims each day.

The $3.9 billion figure is in line with insured loss estimates released by risk modeller AIR Worldwide after the disaster but lower than some other estimates which put the insured damage as high as $6 billion.