Early 2022 Qld and NSW floods now Australia’s second costliest disaster

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

Written on 3 August, 2022
Amy Cai

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

More than $2 billion have been paid to policyholders thus far, accounting for 36 per cent of all claims now finalised and closed.

This marks a 6 per cent increase in insured damages over the past month, partly driven by the increasing cost of materials and labour.

The early 2022 floods have seen 230,000 insurance claims lodged, with their value and volume split evenly between NSW and Queensland.

The average claim cost is $22,000, with personal claims averaging $17,000 and commercial claims averaging $71,000.

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

  1. Eastern Sydney Hailstorm (1999, $5.57 billion)
  2. QLD and NSW Floods (2022, $5.1 billion)
  3. Cyclone Tracey (1974, $5.04 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.