Extreme weather caused one in 25 Australians to make an insurance claim over the past three years

Insurance claims for storms and floods since January 2020 have reached $12.3 billion, according to new data released by the ICA. 

In total, close to 788,000 insurance claims were made relating to floods and storms declared Insurance Catastrophes or Significant Events.  

This number translates to one in 25 adult Australians who have had to make an insurance claim due to extreme weather over the past three years. 

The majority of claim and costs have risen from this year alone.   

A significant portion come from the Queensland and NSW flood event in February-March 2022, which has now grown to become Australia’s costliest natural disaster, having reached a total of $5.65 billion to surpass the cost of the 1999 Sydney hailstorm ($5.57 billion).  

The floods have seen over 237,000 claims lodged, with $3.54 billion claim costs paid by insurers thus far and 69 per cent of claims closed.  

The July storms and floods impacting western Sydney and its surrounds have also resulted in 22,000 claims at a cost of $244 billion. 

The October storms and floods impacting Tasmania, Victoria and NSW have seen over 17,200 claims amounting to an estimated $477 million.  

The flooding in Central West NSW have led to 3,600 claims lodged so far, with claims still developing and the full extent of costs still being determined.  

For more information, visit insurancecouncil.com.au.