2022 Qld and NSW floods now Australia’s third costliest natural disaster

The 2022 floods affecting South-East Queensland and Northern NSW have now reached $4.8 billion in insured damages, according to latest data from the Insurance Council of Australia (ICA).

Written on 29 June, 2022
Amy Cai
2022 NSW floods
Western Sydney, NSW, flooded in March 2022

 

The 2022 floods affecting South-East Queensland and Northern NSW have now reached $4.8 billion in insured damages, according to latest data from the Insurance Council of Australia (ICA).

This marks a 12 per cent increase in insured damages over the past month, partly driven by the increasing cost of materials and labour.

The 2022 floods have seen close to 225,000 insurance claims lodged across NSW and Queensland, an increase of 3.6 per cent over the past month.

Close to 125,000 claims are home claims, causing the ICA to warn local councils that they will need to prepare for an influx of building development applications for property rebuilds and repairs.

Almost 30 per cent of claims have been closed, with $1.5 billion paid to policyholders thus far.

Top 5 costliest disasters in Australia’s history (normalised to 2017 values):

  1. Eastern Sydney Hailstorm (1999, $5.57 billion)
  2. Cyclone Tracey (1974, $5.04 billion)
  3. QLD and NSW Floods (2022, $4.8 billion)
  4. Cyclone Dinah (1967, $4.69 billion)
  5. Newcastle Earthquake (1989, $4.24 billion)

For more information, visit the Insurance Council of Australia website at insurancecouncil.com.au.