Cyclone Debbie disaster bill reaches $1.5 billion

Alexandra 28 September 2017 NEWS

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75% of lodged claims have been completed six months on.

More than three-quarters of insurance claims from Tropical Cyclone Debbie have been completed, six months after it devastated Queensland's north coast.

There have been 68,848 claims lodged, with losses estimated at almost $1.5 billion.

More than 31,000 homes and businesses have been repaired or had settlements, 20,000 families have had their possessions replaced, and 4,500 motor vehicles have been fixed or new vehicles provided, Insurance Council CEO, Rob Whelan, said.

"Insurers have contracted hundreds of local builders and trades to work on property repairs and are injecting more than $5 million each working day into local communities," added Whelan.

While some customers have raised concerns over the pace of rebuilding, the ICA states that the closure rate is running 12% ahead of similar disasters.

But this means that almost one-quarter of those who have lodged claims are still struggling. Many of the remaining claims are large-scale building repairs which typically take longer to finish, according to the ICA.

In March, Australia's biggest banks offered relief and waiver packages to all affected customers, assisting them with personal loans.

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