$1.86bn paid in flood, cyclone insurance

Tuesday, August 30, 2011

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Insurance payouts after the Queensland floods and Cyclone Yasi have reached $1.86 billion.

The Insurance Council of Australia on Tuesday said its member companies had paid about $13 million on every working day of the past month to Queenslanders, either in cash or repairs.

ICA chief executive officer, Rob Whelan, said that, as of Friday, more than 99 per cent of residential claims had been assessed and determined.

"The scale of the industry's response and its ability to appropriately determine claims has helped many Queenslanders get back on their feet," he said.

ICA member companies have now reserved an estimated $3.72 billion for 128,875 claims, with 71,145 claims due to Cyclone Yasi, and 57,730 due to the floods.

23/05/2012 05:23Sydney, Australia. 23 May,2012
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