NIBA's weekly e-newsletter, Broker Buzz, is packed with the latest industry and product news, regulatory updates, forthcoming events and seminars.
The 2022 floods impacting Queensland and New South Wales across February and March is estimated to be Australia’s costliest ever flood event, according to updated data from the Insurance Council of Australia.
The flood event is estimated to have cost $3.35 billion in insured losses across 197,000 claims, making this also the fifth most costly disaster in Australia’s history.
Top 5 costliest disasters in Australia’s history
The rise in claims costs compared to previous floods is driven by increases in cost of materials and a challenging supply chain environment.
Currently, more than 11% of claims have been closed and $580 million paid to insured clients.
Key statistics of 2022 flood claims:
For more information, visit Insurance Council of Australia website at insurancecouncil.com.au, or read the Council’s recently released report ‘Building a More Resilient Australia’.
Last Friday, NIBA paid tribute to industry legend Graham Stevens and commemorated his achievements through the inaugural Graham ‘Bear’ Stevens Trophy.
On Friday 20 May, the Victorian broking community gathered together at the Crown Melbourne to network and celebrate achievements in a very challenging market.
The Federal Government and Queensland Government have announced last week a further joint $720 million package to provide continuing support to Queensland's flood recovery.
NIBA has congratulated the Labor Government on its election victory.