In an update the ICA said that carriers had received around 29,213 claims so far for flooding that has been labelled as the worst in the region for 60 years.
The estimated loss is up from A$385mn last week from 25,681 claims. The ICA has steadily increased its estimate for the flooding since the event began.
A report from Aon last week mooted the possibility that claims could approach A$1bn for New South Wales alone. It noted that flood events have a high protection gap due to underinsurance and “lack of proper take-up”.
The flooding hit northern New South Wales, including Sydney suburbs and south east Queensland and forced the evacuation of about 20,000 residents.