INSURED LOSSES FROM SYDNEY STORMS ESTIMATED AT A$13.5M

Insurers had received 2,750 claims as of November 29 related to the Sydney storms which last week generated flash flooding and power failures across the city. The Insurance Council of Australia (ICA) said the claims to date had generated estimated insured losses of approximately A$13.5m. Most claims to date have been for damage to roofs and cars, the council said, adding that it did not expect claims figures to rise much beyond the current total. The ICA said it had also only received a handful of claims related to bushfires in Queensland. Evacuations have continued in Central Queensland over the weekend as the fires continue to spread. The largest insured catastrophe loss to impact Australia so far this year was the Hobart flooding in May, which cost insurers close to A$100m. ICA figures show insured losses from March’s New South Wales and Victorian bushfires total close to A$82.5m, with two other events from that month – Cyclone Marcus (A$62m) and Queensland flooding (A$17m) also among the costliest events.