2022 Queensland and NSW floods now Australia’s fourth costliest disaster
The 2022 Queensland and New South Wales floods are now estimated to be Australia’s fourth costliest disaster, according to latest data from the Insurance Council of Australia.
Insured losses from the floods are now estimated to be $4.3 billion, a 28 per cent increase on the ICA’s previous cost estimates made in early May.
This increase is largely driven by progress made in claims assessments, as well as an increase in commercial claims which are typically costlier and slower to come through.
Total flood claims have now reached over 216,000. Currently, more than 20% of claims have been closed and over $1 billion paid to insured clients.
The rising cost of materials, as well as rising inflation, are likely contributors to the significant cost of 2022 flood claims.
Top 5 costliest disasters in Australia’s history (normalised to 2017 values):
- Eastern Sydney Hailstorm (1999, $5.57 billion)
- Cyclone Tracey (1974, $5.04 billion)
- Cyclone Dinah (1967, $4.69 billion)
- QLD and NSW Floods (2022, $4.3 billion
- Newcastle Earthquake (1989, $4.24 billion)
For more information, visit the Insurance Council of Australia website at insurancecouncil.com.au.