Among the notable events contributing to these losses were severe hailstorms over five weeks in October and November, accounting for more than $1.4 billion in damages. Ex-Tropical Cyclone Alfred in March was the costliest event, with 132,000 claims lodged and over $1.5 billion in insured losses. Other significant events included the North Queensland Floods in February and the Mid North Coast floods in May.
In comparison, insured losses from extreme weather events in 2024 totaled $581 million, and in 2023, they amounted to $2.35 billion. This fluctuation highlights the unpredictable nature of extreme weather year on year and the increasing financial burden on insurers and policyholders.
To support communities in their recovery throughout 2025, the ICA coordinated three Insurance Hubs in the immediate aftermath of events and conducted 13 community consultation sessions. These initiatives aimed to provide assistance and information to affected individuals and businesses, facilitating the claims process and promoting resilience.
For beauticians and small business owners in the beauty industry, these developments emphasize the importance of securing comprehensive insurance coverage that accounts for the increasing risks associated with extreme weather events. Understanding the factors influencing premium costs and taking proactive measures to enhance the resilience of business premises can help mitigate potential financial impacts.
