The Insurance Council of Australia (ICA) has provided an updated insurance industry loss estimate for recent tropical cyclone Seroja of $346.7 million, while the loss from recent severe flooding in Australia has also continued to rise overnight.
Tropical cyclone Seroja made landfall in Western Australia on April 11th 2021 with wind gusts as high as 110 mph recorded.
Damage was extensive in the immediate area of landfall and around the town of Kalbarri.
As of late February, the ICA said that 9,273 claims had been lodged for damage from tropical cyclone Seroja, with 99.44% of claims accepted by insurers and 83.75% of the 6,394 personal claims lodged now already closed.
The latest estimate for an insurance market loss from cyclone Seroja is $346.7 million, the ICA said.
The ICA has also updated its estimate for the flooding in Australia, with the total rising some 4% just overnight, to now reach AU $2.111 billion.
That’s up from the just slightly over AU $2 billion we reported yesterday.
So far, the flooding in Southeast Queensland and New South Wales, Australia has driven some 140,754 claims, with the figure continuing to rise.
At the moment the ICA is estimating the insurance and reinsurance industry loss based on claims count, so once actual reported losses come in from insurers there is a chance the total rises further.
Claims are rising faster in New South Wales now, although the overall claims count continues to be highest in Queensland.
With claims coming in faster from the Sydney area flooding now, we expect the gap between the two regions may close further.
Storms and floods see IAG utilise $95m of its aggregate reinsurance.
Australian flood loss seen up to A$2bn, with reinsurers on the hook.
Reinsurance to trigger as Australian flood claims quickly rise.
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