Record 2022 flood claims the costliest in Australia’s history

The 2022 floods impacting QLD and NSW is estimated to cost $3.35 billion in insured losses, making this Australia's costliest flood event.

Written on 4 May, 2022
Amy Cai

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

  1. Eastern Sydney Hailstorm (1999, $5.57 billion)
  2. Cyclone Tracey (1974, $5.04 billion)
  3. Cyclone Dinah (1967, $4.69 billion)
  4. Newscastle Earthquake (1989, $4.24 billion)
  5. QLD and NSW Floods (2022, $3.35 billion)

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:

  • Total claims: 196, 761
  • Estimated cost: $3,34 billion
  • Property claims: 169, 961 (86.4%)
  • Motor claims: 25,642 (13%)
  • Other claims: 1,158 (0.6%)

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’.