Flood claims near $9 billion since drought broke: ICA

Flood-related events have generated more than 569,000 insurance claims valued at $8.8 billion since drought broke in February 2020, the Insurance Council of Australia (ICA) says.

Insurers have received 9521 claims so far from the insurance catastrophe still unfolding in Australia’s south-east states since heavy rains struck on October 12.

The Bureau of Meteorology’s latest statement says major flooding is occurring in Moree, Gunnedah, Goondiwindi, Condobolin, Echuca, Moama and Kerang, and flood watches and warnings are current across much of southern Queensland, NSW, Victoria and Tasmania.

Residents across northern NSW were subject to evacuation orders and flash flooding over the weekend. More than 200 millimetres of rain fell in some areas. Thousands of megalitres of water were released from Wivenhoe Dam, west of Brisbane, affecting some roads.

In Victoria, SES Chief Operations Officer Tim Wiebusch says a number of communities should prepare for potential flooding in November.

“Now is the time to start preparing,” Mr Wiebusch said. “We’ll see major flooding, potentially by the end of the first week in November in Swan Hill, downstream from there at Robinvale … and then Mildura will start to see minor flooding.”

NSW Premier Dominic Perrottet says the latest floods will add to the cost burden as the state battles with areas that “haven’t seen floods like these in 100 years”.

“My expectation would be that there will be significant costs involved once again, particularly on the rebuilding of local roads,” he said.

The Bureau’s Manager Hazard Preparedness and Response NSW/ACT Steven Bernasconi says NSW’s adverse weather conditions will abate and “we should have a little bit of reprieve,” though another system in the west of Australia had potential to impact NSW.

Flooding in Queensland and NSW in February and March produced over 230,000 claims and insured losses of more than $5 billion – Australia’s costliest ever flood, and the second most expensive catastrophe after Sydney’ 1999 hailstorm.

See Analysis.