Insurers in the cyclone reinsurance pool had recorded 68,684 Alfred claims as of last Tuesday, covering residential, small business and strata properties.

The Australian Reinsurance Pool Corporation has confirmed insured losses from the storm are estimated at about $1.44 billion, based on modelling and claims data from participants.

“While the full scale of losses may take some time to emerge, we have already commenced making payments to insurers for eligible claims under the pool, helping to speed up the recovery process,” corporation CEO Christopher Wallace said.

Most claims have been for food spoilage and property damage due to severe wind, fallen trees or water entering homes.

“The cyclone pool is working closely with insurers to facilitate the reinsurance process and ensure claims are managed promptly,” Dr Wallace said.

“Prior to Ex-Tropical Cyclone Alfred’s arrival, our claims team contacted our cyclone pool insurers operating across southeast Queensland and northern NSW to provide a list of impacted postcodes and information on how to lodge a claims submission.”

Alfred is the largest event to fall under the pool’s coverage since the scheme was launched in 2022. The claims period extended from February 28 to March 10.

Initial modelling in March had estimated losses at about $1.7 billion.

From the latest Insurance News magazine: Find out just how close the east coast came to disaster when Cyclone Alfred swept ashore