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Insurance claims from the latest Queensland floods

best insurance stock - Insurance claims from the latest Queensland floods have already topped $27 million, every bit river levels drib dead along to ascension inwards large parts of the state. As of Mon morning, "just shy of 3000 claims" had been lodged relating to losses inwards Queensland, said Campbell Fuller, full general director for communications at the the Insurance Council of Australia.

The full claimed losses are probable to hold upwardly "well northward of $40 million", he said. "Rivers are however rising across south-eastern Queensland," he said, adding that overflowing waters were yet to altitude at Ipswich too much of Bundaberg remained underwater.

Heavy pelting is also falling over much of New South Wales every bit the remnants of erstwhile tropical cyclone Oswald deed south.

The Bureau of Meteorology has posted a severe atmospheric condition alert for destructive winds, heavy pelting too abnormally high tides over a broad surface area stretching from the Illawarra to the Northern Rivers region.

The council yesterday declared a catastrophe for large parts of Queensland affected past times storms too inundation. The proclamation means insurers receive got develop a taskforce to co-ordinate their reply to recovery efforts.

The floods are the 3rd catastrophe declared then far this twelvemonth next severe bushfires inwards south-eastern Tasmania too northern NSW. The council has declared half-dozen catastrophes inwards Queensland for flooding too cyclone harm since 2010, amongst losses reaching near $4 billion.

Insurers too re-insurers receive got singled out H2O - either besides much or besides piddling of it - every bit the primary opportunity from extreme atmospheric condition inwards Australia.

The council, inwards particular, has been calling for increased spending on efforts to boundary the harm from flooding, such every bit the structure of overflowing levees approximately flood-prone towns.

Despite those calls, Mr Fuller said, at that spot had non been much coin spent inwards Queensland since the terminal large floods at that spot inwards 2011.

"I'm unaware of whatever noun mitigation that has taken house over the past times ii years," he said.

The ICA has develop a disaster hotline on 1800 734 621 to aid people put their insurer too their coverage, especially for those unable to access their ain records because of the floods Source

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