Wild weather lashed Brisbane and its surrounding suburbs last week, causing millions of dollars of damage, with more than 17,000 homes and 50,000 cars damaged.
But it could be about to get worse. More wild weather is predicted for this weekend, and around 1,900 hail damaged homes have yet to be protected from more rain and hail.
Yesterday, the Insurance Council of Australia estimated the Insurance loss stood at $482 million, with 17,509 house claims and 51,472 motor vehicle claims lodged so far.
But ABC News reports that Brisbane Mayor Graham Quirk has put the bill at around $1 billion, saying it was the biggest storm even for insurance companies in more than 30 years.
"I'm told the bill is going to be around $1 billion, claims for one insurer alone are around $300 million," he told ABC News.
Suncorp Group Ltd (ASX: SUN) reported earlier this week that it had received a combined 24,500 home, motor and commercial claims for last Thursday's storms, with the majority of those motor vehicles. The insurer says it expects to pay up to $250 million, as it has reinsurance to cover it over that amount.
Insurance Australia Group Ltd (ASX: IAG) reported yesterday that it had received more than 15,000 claims through its NRMA, CGU, Lumley, and Coles Insurance brands. More than 12,000 of those were related to hail damage to motor vehicles, and the company expects net claims of between $140 million and $170 million. IAG has allowed for up to $700 million in natural peril payouts in the 2015 financial year.
It's not yet known if QBE Insurance Group Ltd (ASX: QBE) has any exposure to the storm, given they haven't advised the market yet of any claims.
Despite the storm payout, insurers have had a relatively light 2015 financial year, given there have been few extreme weather events so far, especially compared to some previous years.
But that may change, especially if this weekend's Queensland storms are as bad or worse than last week's one.
