loss estimate

Insurance claims from the severe flooding that struck the New South Wales region of Australia this month have risen again over the weekend, with another 25% added to take the total to 10,526, but the estimate for insurance and reinsurance market losses remains low at $122 million.

Insurance claims filed from the severe flooding this July in the New South Wales region of Australia have risen overnight by another 23% to 8,415, but so far the estimate for insurance and reinsurance market losses remains low.

Insurance claims filed from the recent July severe flooding in the New South Wales region of Australia have climbed more than 57% to 6,853 overnight, while the impacts of flooding are now being most felt further north of Sydney.

Already some 4,360 insurance claims have been filed in relation to the latest outbreak of severe flooding in Australia, according to the Insurance Council.

The Insurance Council of Australia (ICA) has now declared a ‘significant event’ for the developing severe flooding in Sydney and the surrounding region of the country, as now more than 50,000 people are under evacuation orders.

Parts of eastern Australia are flooding again after an East coast low brought torrential rains and strong winds, with parts of Sydney particularly affected, with households evacuated and flood warnings in place.

Australia’s severe flooding that affected South-East Queensland and Northern New South Wales  in February and March 2022 is now counted as the third most costly extreme weather event ever recorded in the country, as the insurance and reinsurance industry loss estimate has been raised to AU $4.8 billion.

The insurance and reinsurance market industry loss estimate for the flooding that impacted eastern Australia earlier this year is rising considerably, with PERILS AG hiking its estimate by 23% to almost AU $4.9 billion (roughly US $3.5bn) on the back of extending the event loss period.

Based on an estimate of claims incurred, the Insurance Council of Australia now puts the 2022 severe flooding in the country as the fourth most costly natural disaster event on-record, at AU $4.3 billion.

Based on actual claims costs, the Insurance Council of Australia has now updated its estimate for insured losses from Australia’s 2022 severe flooding to AU $3.35 billion.