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Australian flood costs reach $1.45bn

8th March 2022 - Author: Pete Carvill

The current cost for the floods in South-East Queensland and New South Wales has reached $1.45bn, according to the Insurance Council of Australia (ICA).

ica-insurance-council-australia-logoThis latest release from the ICA means that the cost of the floods has risen from an initial estimate of $900m, to $1.3bn, to this latest figure of $1.45bn. The ICA say insurers have received 96,844 claims related to the floods. An increasing proportion—up to 31% from 28%—are from New South Wales.

Across both states, 80% of claims are for domestic property, 17 per cent of claims are for motor vehicle, with the remainder commercial property claims.

Andrew Hall, CEO of ICA, said: “As we expected, we are now seeing an influx of claims from New South Wales. Insurers are prioritising those customers whose situation is the most severe to support them getting back on their feet as soon as possible. This means it may take a few weeks for insurers to start the assessment process for less severe claims, but those customers can be assured their insurer is there to support them. Insurers rely on a network of specialists from across the country and around the world who are deployed when and where they are needed.”

He added: “I want to thank Immigration Minister Alex Hawke, his office, and department for their support in quickly processing a number of visa applications, which means those specialists will be on ground shortly assisting communities in their recovery.”

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