Extreme weather events caused insured losses of almost $3.5 billion in Australia last year, with severe hailstorms in October and November representing 40% of the total. 

The Insurance Council of Australia says severe storms in southeast Queensland and northern NSW from the end of October through to early November resulted in $601 million in losses across 35,500 claims. 

More storms and hail impacted the two states in late November, generating 70,200 claims and $814 million in losses, taking the total from both events to $1.4 billion. 

Insurers overall received 264,000 claims from five catastrophes or significant events last year. 

Ex-Tropical Cyclone Alfred, which saw 132,000 claims lodged and more than $1.5 billion in insured losses, was the costliest catastrophe. 

North Queensland floods in January and February generated $304 million in losses and NSW Mid North Coast and Hunter floods in May cost $266 million. 

Other locally severe disasters, which are not captured in the major events data, included flooding in western Queensland, storms in Casterton and Harden, and bushfires in Halls Gap. 

Insurers expect further claims from the past events, pushing eventual costs higher. 

ICA says losses were $581 million the year before and $2.35 billion in 2023, demonstrating the unpredictable nature of extreme weather year on year. 

Gallagher Re this week estimated global private and publicly funded insurance losses last year at $US129 billion ($191 billion).

The wildfires in California generated the highest losses, accounting for $US41 billion ($61 billion).