Insured losses from floods reach $4.3 billion, almost double 2011 levels

 The Insurance Council of Australia (ICA) has confirmed today the floods that devasted Southeast Queensland and Northern New South Wales earlier this year are the nation's fourth most expensive disaster in history, with costs continuing to rise.

With the mounting bill reaching an estimated $4.3 billion yesterday, the insured losses are now almost double that of the $2.3 billion in normalised terms recorded for the 2011 Brisbane floods.

According to ICA, there have been 216,465 claims across both states so far, which signifies a 28 per cent rise in the past month, primarily attributed to an increase in commercial claims that are typically slower to come through.

Read More: https://www.businessnewsaustralia.com/articles/insured-losses-from-2022-floods-now-almost-double-those-of-2011-brisbane-flood.html