Insured flood claims in Australia reach the $1.1-billion mark

The estimated insurable value of losses from the Queensland, Australia floods has increased to $1.151 billion, according to the Insurance Council of Australia (ICA).Preliminary estimates fell into the $150-million range. The ICA has reported receiving 38,460 claims as a result of the Queensland floods, as of Jan. 30, 2011. The vast majority (46%) of the claims are for residential property. Twenty-five per cent of the claims related to residential contents. With respect to the floods in Victoria, Australia, the ICA has received 4,780 claims, with an estimated value of $69 million as of Jan. 31, 2011.