By Ryan Hewlett

March 12 - (The Insurer) - Insurers have received more than 34,000 insurance claims from policyholders across southeast Queensland and northern New South Wales following ex-Tropical Cyclone Alfred, according to the Insurance Council of Australia.

As of midday local time on March 12, insurers had received more than 34,248 claims, an increase of more than 50% from the 22,400 reported a day earlier.

Of this total, 92.9% of claims have been lodged by policyholders in Queensland. The bulk of total claims across Queensland and New South Wales relate to home insurance (31,241), while motor and commercial claims total 1,631 and 1,376, respectively.

Insurers have already paid almost A$2.4 million ($1.5 million) in emergency cash payments to around 6,000 affected policyholders, generally for items such as food spoilage and temporary accommodation, the ICA said.

The trade body disclosed the updated figures as it joined a meeting of insurers, reinsurers, the National Emergency Management Agency and other government agencies on Wednesday morning to discuss the sector’s support for those impacted by the cyclone.

The ICA and its members have said it remains too early to estimate the cost of the damage. However, broker Aon said on Tuesday that economic and insured loss impacts are expected to reach at least into the hundreds of millions of Australian dollars. The last cyclone to hit Australia, 2023’s Tropical Cyclone Jasper, cost A$409 million from around 10,500 claims, according to ICA data.

Australian carrier IAG separately said it had received more than 4,000 claims as of 7 a.m. local time on March 12, a 60% increase from Tuesday’s 2,500. The insurer said the claims primarily related to property damage from wind and water ingress, with the majority of claims coming from NRMA Insurance customers.

IAG managing director and CEO Nick Hawkins said the insurer transitioned last weekend from operational readiness to response and recovery.

The ASX-listed carrier also flagged its comprehensive reinsurance program, which includes quota share reinsurance that covers 32.5% of all losses and a catastrophe cover that provides cover for 67.5% of all losses above A$500 million up to A$10 billion.

Separately, IAG has perils volatility cover of A$680 million, which provides downside protection against retained natural perils costs exceeding the 2025 financial year allowance of A$1,283 million.

Peer Suncorp, which on Tuesday said it had received 7,800 claims form the event, has a reinsurance program in place that provides protection against large weather events, with a maximum event retention of A$350 million and a main catastrophe cover which provides protection of up to A$6.75 billion with a full reinstatement in place.