Total estimated estimated insurable value of losses arising from the Queensland floods has hit $1.51 billion, the Insurance Council of Australia said.

According to the peak insurance body, its members had received 38,460 claims, with 53 per cent of these from Brisbane, 17 per cent from Toowoomba and the Lockyer Valley, and 30 per cent from regional Queensland as of 30 January.

Forty six per cent off claims are for residential property, while 25 per cent are for residential contents. Ten per cent cover commercial property, while 11 per cent claims are for commercial and domestic vehicles. Eight per cent of claims are for other classes including business interruption

ICA said the general insurance industry continues to work closely and compassionately with its customers to ensure a speedy claims assessment process. The figures have been reported through the Insurance Taskforce.

The devastating floods in Queensland and Victoria are set to be the most expensive in Australian history. Prime Minister Julia Gillard has now proposed spending cuts and a levy to help fund the $5.6 billion needed to repair damaged infrastructure.