Cost of Queensland flood escalates

INSURABLE losses as a result of flooding in Queensland already total more than  $1 billion.

The Insurance Council of Australia (ICA) released updated figures on claims from regional Queensland, the Lockyer Valley, Toowoomba and Brisbane today.

"The general insurance industry has now received 31,300 claims with an estimated insurable value of $1.2 billion," said Mr Rob Whelan, CEO of the ICA.

ICA members have reported that about 76 per cent of these figures are property claims and 24 per cent motor vehicle claims. The figures do not include large industrial and mining claims.

The ICA said insurance assessors are continuing to make on-site claims assessments for policyholders and that emergency cash payments were being made available to those in need.

"The general insurance industry is working hard to assist policyholders during this
devastating flood," Mr Whelan said.

"Australia’s robust regulatory framework ensures a competitive and financially secure insurance industry can meet the high number of claims associated with this disaster."

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