australia

The Insurance Council of Australia (ICA) has declared an Insurance Catastrophe for the strong winds and damaging hail that affected South East Queensland between Sunday, November 23, and Monday, November 24, with the firm noting that insurers have already received more than 16,000 claims.

New data released by the Insurance Council of Australia (ICA) shows that the total insured cost of extreme weather events that impacted Australia in the first half of 2025 has now exceeded AU $1.8 billion, stemming from 148,437 claims.

Insurance losses from ex-Tropical Cyclone Alfred and the North Queensland floods in February have now surpassed AU$1.2 billion, according to the Insurance Council of Australia (ICA).

Catastrophe data aggregator PERILS has released an updated insurance and reinsurance industry loss estimate for the October 2022 Southeast Australia floods of AU $907 million, up roughly 8% from the previous estimate reported in January.

The insurance and reinsurance industry loss estimate for the outbreak of severe flooding that affected parts of southeastern Australia during the month of October 2022, has been raised by 6% to AU $840 million, by catastrophe data aggregator PERILS.

The outbreak of severe flooding that affected parts of southeastern Australia during the month of October 2022 has been estimated as a roughly AU $791 million insurance industry loss by catastrophe data aggregator PERILS.

Since January 2020, storms and floods impacting Australia have driven more than three-quarters of a million claims and an enormous AU $12.3 billion of losses to the insurance and reinsurance market.

Driving home the escalating costs of flooding in Australia, the Insurance Council has released data that shows the country has suffered AU $8.8 billion of insured losses from floods just since 2019, while insured losses from the flooding earlier this year continue to creep higher.

Traditional reinsurance carriers have taken significant losses from Australian insurance carriers in recent years, as a result of which their appetites have waned for some lower layers of reinsurance towers, forcing carriers to look at alternatives.

The insurance and reinsurance market loss from the so-called Halloween hailstorm event in October 2020 that struck south-east Queensland, Australia has been lifted slightly to A$1.222 billion by PERILS AG.