Huge Insurance Bill from the 2022 Floods

30th July 2022

The Insurance Council of Australia (ICA) has said that the destructive flood that swept through South-East Queensland and Northern NSW in late February and early March has caused $4.8 billion in insured damages and is now the third costliest extreme weather event in Australia’s history. 

Only Cyclone Tracy (1974) and the Sydney hailstorm (1999) caused more insured losses, and this year’s East Coast Flood is the costliest flood in Australian history.

And in response to the July extreme rain and flooding event that impacted large parts of Sydney, the Hunter and mid-north coast of NSW the ICA has activated a range of processes and data collection activities to assist with the assessment of the insurance impact of this extreme rain and flood event.

In regard to this latest event insurers have received over 8,400 claims (84 per cent property, 14 per cent motor and two per cent commercial), with an estimated insurance loss of $97.9 million.

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