Extreme weather caused by Tropical Cyclone Alfred has led to 7,800 insurance claims to date in QLD and NSW for Suncorp Group (ASX: SUN), which is covered for up to $6.75 billion in main catastrophe cover.

The update follows industry-wide figures released by the Insurance Council of Australia (ICA) that total claims from the disaster had reached 9,000 by midday yesterday, after the cyclone and subsequent storms were declared an insurance catastrophe on Sunday.

Suncorp clarifies that around 7,200 of the claims to date were for home insurance, including more than 2,100 food spoilage claims. Most of the claims fall within the government’s cyclone reinsurance pool period covering damages that occurred up to 6am on Monday, 10 March 2025.

Suncorp CEO Steve Johnston says while the rain and flooding is still unfolding in some areas, the group was already supporting customers in lodging claims and providing immediate assistance, including emergency repairs.

“We continue to urge customers to prioritise their safety as flooding continues across many communities. We encourage impacted customers to lodge their claims online as soon as possible,” Johnston says.

“In addition, our dedicated customer support teams, mobile response hubs and assessors are being deployed into affected areas as soon as it becomes safe,” he says.

“Our investments in disaster management capability and claims resources have left us well placed to prepare, respond and support the recovery.”

Suncorp adds that it has a comprehensive reinsurance program in place providing protection against large weather events, with a maximum event retention of $350 million.

It is still early days for counting the costs of the disaster whose effects are still unfolding, but for the early 2022 floods Suncorp received a total of 52,000 claims across both states, out of a total of 245,000 industry-wide which made it the costliest insured event in Australia’s history with $6.4 billion in insured losses.

While the cyclone and tropical low that followed have had the most significant effects in the Gold Coast, Brisbane, Hervey Bay, and the Northern Rivers, the catastrophe declaration by the ICA covers all claims related to the event since Friday, 28 February.

"This remains an active event and it will take some time to gain a clearer picture of the damage," ICA CEO Andrew Hall said yesterday.

"Insurers expect a large number of claims will be lodged in coming days as property owners begin returning to homes and businesses.

"We encourage policy holders to contact their insurer as soon as practically possible even if they have not been able to return to their home."

This morning the Federal and NSW Governments announced emergency financial assistance to help residents in the state's northeast who have been severely impacted by the event, providing $180 for individuals and $900 per family to cover essential costs such as food, clothing, medicines and emergency accommodation.

In addition the Albanese Government has activated the Disaster Recovery Allowance for communities directly affected by ex-Tropical Cyclone Alfred, offering up to 13 weeks of income support for eligible workers and sole traders, depending on their personal circumstances, who have suffered a loss of income as a direct result of the event.

To be eligible for the grant, individuals must reside in one of the declared affected local government areas of Armidale, Ballina, Bellingen, Byron, Clarence Valley, Coffs Harbour, Dungog, Glenn Innes Severn, Kempsey, Kyogle, Lismore, Lord Howe Island, MidCoast, Nambucca Valley, Port Macquarie-Hastings, Richmond Valley, Tenterfield or Tweed.

"It has been tough going for the communities impacted by TC Alfred. In particular those families who have been without power for days or required to leave their homes under evacuation orders have faced huge challenges," says NSW Premier Chris Minns.

"We know these communities are concerned about the cost of re-stocking the fridge, or replacing damaged goods.

"We know recovery will take some time, but we are here for the long haul."

Similar support mechanisms are also in place in Queensland with emergency hardship assistance grants available for eligible residents in the councils of Brisbane, Fraser Coast, Gold Coast, Gympie, Ipswich, Lockyer Valley, Logan, Moreton Bay, Noosa, Redland, Scenic Rim, Somerset, Southern Downs and Sunshine Coast. 

The 13-week Disaster Recovery Allowance is also available to eligible applicants in these QLD councils. 

In an update this morning, QLD Premier David Crisafulli noted that around three-quarters of cut power connections had been reconnected, but there were still almost 118,000 properties without power.

"That's 118,000 homes, businesses - that's people who aren't able to get back on their feet," he said.

"There's also been temporary power brought to some places including Russell Island, Stradbroke Island and Macleay Island and it's important that that occurs, because those communities did bear the brunt of the cyclone as it crossed.

"From what I've seen during what is the first cyclone across the coast this far south in 50 years, I've seen people who have been willing to do their bit, to help their neighbour...to make sure that they're part of a community, and I want every Queenslander to know we are determined to flick the switch from response to recovery."

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