Queensland Insurance Claims Climb to $43M

The latest floods that hit Queensland have already seen early insurance claims climbing to $43 million.

Early this week, more than 5,000 claims have already been filed, claiming for losses that the rains brought to the New South Wales and Queensland areas.

According to Insurance Council of Australia general manager for communications Campbell Fuller said claimed losses may reach as much as $50 million by midweek. He added that rivers continue to rise across south-eastern Queensland.

Heavy rains also continue in New South Wales and the Bureau of Meteorology said bad weather may continue in the area.

The council has also declared large parts of Queensland as catastrophic, which means insurers have to be responsible in coordinating response and recovery efforts.

This is also the third declared catastrophe this year. The bushfires in northern New South Wales and south-eastern Tasmania were the first two.