Insured loss estimate increased in Australian flooding

SYDNEY—The Insurance Council of Australia has increased its estimate of member claims from flooding in Queensland to $1.51 billion Australian ($1.49 billion), more than quadruple its previous estimate.

As of Sunday, the ICA said its members had received 38,460 claims from the flooding that wreaked havoc across the state in late December and January.

Of those claims, about 10% are for commercial property damage, 11% for commercial and domestic vehicle damage, 46% for residential property damage, 25% for personal lines contents damage and 8% for other classes of insurance including business interruption, the ICA said.

The ICA also said insured claims from subsequent flooding in the state of Victoria were about $69 million Australian ($68.5 million). An estimated 8% of that total is for commercial property damage, it said Monday.