Claims totals from last year's floods continue to rise

Claims totals from last year’s floods continue to rise

30 March 2023

Insured losses from the record-breaking flood catastrophe that hit NSW and Queensland in February and March last year have risen to $5.81 billion, according to the latest figures on the Insurance Council of Australia (ICA) website.

ICA says that 83.6% of the 240,000-plus claims are now closed, but this still leaves 39,000 outstanding.

The most expensive natural catastrophe on record was not the only flood event in Australia last year.

Flooding in July in the Hunter region and greater Sydney was declared a significant event, with 23,000 claims totalling $267 million, and 77.6% of claims closed to date.

In October floods hit Victoria, Tasmania and NSW with a catastrophe declared. Some 21,000 claims have so far been lodged totalling $669 million. 53.3% are closed.

And another significant event was declared in November as flooding occurred across central west NSW, impacting Forbes, Cowra, Condobolin, Molong and Eugowra.

ICA says claims have risen almost 5% in the last month, with 14,000 claims totalling $205 million, and 54% of claims closed.

Added together the flood catastrophes and significant events from last year now account for almost $7 billion in insured losses.