The Insurance Council of Australia (ICA) says four catastrophes declared since November have cost insurers more than $500 million.

The events are the Pinery bushfires in SA, a tornado in Sydney and bushfires on Victoria’s Great Ocean Road and WA’s southwest.

ICA CEO Rob Whelan says insurers are paying out more than $1.3 million per working day for repairs, building work, settlements and assistance to policyholders.

“That figure doesn’t include the losses from many other smaller events, including recent flood and storm damage in parts of Sydney and the Hunter region,” he said.

The Pinery bushfires have passed $170 million in insured losses, of which 73% are commercial.

Insurers have received 4282 claims relating to the Sydney tornado, with insured losses passing $202 million, of which 72% are commercial.

The Great Ocean Road bushfires have resulted in $86 million of insured losses from 482 claims, including 185 residential building claims.

The Yarloop bushfires in WA’s southwest have produced 616 claims, with insured losses above $57 million.

Mr Whelan says policyholders in affected regions are unlikely to experience significant impact on premiums.

“Insurers anticipated the potential for a destructive summer, and the losses are within their expectations.”

He says with mounting building costs, property owners should review and update their cover regularly.