The Christmas Day storms in Melbourne compounded a wretched year of natural disasters for the insurance industry.
Data provided to the ICA by member companies shows they had received 77,174 claims by January 13, with insurance losses estimated at $550.7 million. The ICA declared the storms a catastrophe on December 29, 2011. Losses from the major natural disasters amounted to $4.9 billion, more than double that of 2010.
TOTAL: 265,997 claims lodged at total reserve value of $4.903bn
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