15 April 2014 Insurance

Cyclone Ita losses estimated $7.9m

Insurance losses following cyclone Ita, which hit north Queensland in Australia this month, are estimated at A$8.4 million ($7.9 million), with over 680 claims received so far.

Australian insurers will prioritise Ita claims after the Insurance Council of Australia (ICA) declared parts of north Queensland a catastrophe zone.

Rob Whelan, chief executive officer of ICA, said: "This is an emerging natural disaster situation and the full extent of the damage may take many weeks to determine. However, the general insurance industry has already geared up to ensure it responds swiftly and appropriately.

“The declaration of a catastrophe means insurers will focus on handling inquiries and claims from customers and undertaking the claims assessment process as swiftly as possible. Cyclone Ita claims will be prioritised.”

This is the second catastrophe declared by the ICA in 2014, with insurers managing claims following bushfires in Western Australia. Since early 2010, the ICA has declared seven catastrophes in Queensland for flooding, storm and cyclone damage, with insured losses of more than A$4 billion ($3.8 billion).

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