RACQ has reported the largest property claims event in its 50-year insurance history following Tropical Cyclone Alfred, with 17,843 claims received, split between 17,104 home claims and 739 motor claims.
As of 7 April, nearly half of all property claims (43%) have been finalised, with A$12.4m paid out, according to the Queensland insurer. For motor claims, 57% have been completed, amounting to A$5.1m.
“While we have received a significant number of claims, the largest in our history, fortunately for our members and the wider community, the severity of the damage has been less than the historic 2022 floods,” said Chief Executive for Insurance, Trent Sayers.
The Federal Government’s Cyclone Reinsurance Pool, which covers losses while the weather system is classified as a cyclone and for 48 hours after its downgrading, is expected to cover most of the estimated A$200m to $220m in losses, Sayers added. “We do expect the Federal Government’s Cyclone Reinsurance Pool to cover the majority of this loss with the remaining cost being absorbed into our annual natural hazard allowances.”
RACQ said that it is also continuing its recovery efforts following flooding in North Queensland, with significant progress in Ingham and Townsville, with payouts for 33% of damaged homes and 85% of motor claims having been finalised, totalling A$7.4m paid out so far.
The insurer has also committed $1 million to support affected families and community groups, distributing 76,428 meals and 6,500 items of clothing through partnerships with FareShare and Thread Together.
Insurance losses from ex-Tropical Cyclone Alfred and North Queensland floods have surpassed A$1.2bn, with over 94,000 claims from the cyclone and 10,000 from the floods, according to data released by the Insurance Council of Australia last week.
