Emergencies including natural disasters caused asset losses worth more than $1.2 billion across the nation in the latest financial year, a report says.

Australians have lost property worth more than $1.2 billion in the latest financial year through emergency events including fire, flood and storms.

A new Productivity Commission report shows that Queensland storms proved the costliest in 2012-13, with related asset loss valued at $971 million.

Storm and fire damage in NSW claimed almost $155 million worth of property while Tasmania’s January 2013 bushfires racked up losses of more than $88 million.

The national figure was an increase from 2011-12, when the report showed asset loss was $1.06 billion.

But Queensland’s devastating floods stretching from December 2010 into 2011 helped push that period’s national losses to more than $4.6 billion.

When it comes to disaster relief, the federal government paid out $171 million in 2012-13 through its scheme of assistance in which affected individuals and communities are entitled to a one-off payment: $1000 for adults and $400 for children.

The payout figure was greater than the $78 million disseminated in 2011-12, but less than $823 million in 2010-11.

Cash payments from Canberra to disaster-struck states and territories amounted to $77.1 million during 2012-13, down from $3 billion in 2011-12, which stemmed largely from Queensland’s flood crisis.