Suncorp has 5000 claims, tallies the flood cost at $75m
Suncorp has received 5000 insurance claims so far from the flooded areas of south east Queensland and northern New South Wales.
Towns in the north west are facing extended isolation from floods (AAP Image/Dan Peled)
The company said it expected the cost to it from the floods would be about $75 million, which is the remaining amount to trigger reinsurance under its aggregate excess loss treaty.
It has retained its full year natural hazard costs at $1.075 billion.
The company said 70 per cent of the claims were from Queensland residents.
Suncorp was also offering disaster reflief packages to personal and business customers impacted by the flooding.
The Insurance Council of Australia has declared the flood as an insurance catastrophe which it said would mean an escalation of the industry’s response.
It would mean claims from policy holders would get priority and those worst affected would go to the front of the queue.
A disaster hotline has been set up (1300 728 228).
ICA chief executive Andrew Hall said the extent of the damage was yet to be assessed. Because many areas were inaccessible the claim numbers were expected to increase as flood levels drop.
About 15,000 homes were estimated to be affected by flooding.
