Brisbane hailstorm claims top USD200 million

The Insurance Council of Australia said 39,677 claims had been lodged: 10,863 for house and contents policies and 28,814 for motor ­vehicles.

Estimated insurance losses totalled USD201 million, towards the bottom end of a range up to USD500 million predicted last week.

The claims are likely to affect Suncorp and IAG, the nation’s two biggest listed insurers, although initial estimates by Deutsche Bank analysts were that the claims could fall inside their ­catastrophe budgets for the two insurers, in a report in The Australian. Suncorp has a maximum event retention limit of $250m, meaning it has laid off the risk of claims above that total to other parties, and a catastrophe budget of $595m.

ICA chief executive Rob Whelan said insurers were focusing on fast-tracking claims and arranging property and motor vehicle assessments. Assessment teams were deployed on Friday and worked throughout the weekend, addressing those with the most acute needs first.

He said some insurers were organising mass assessments for hail and water damage to cars to fast-track the inspection process.