The Insurance Council of Australia (ICA) has reported a 28% rise in the cost of the severe flooding across Southeast Queensland and Northern New South Wales earlier this year, making it the country’s fourth costliest natural disaster event.
As of Tuesday May 31st, 2022, insurance and reinsurance industry losses from the floods are estimated at $4.3 billion from a total of 216,465 claims.
According to the ICA, the 28% rise in claims cost from April’s figures is mostly down to the progression in the claims assessment process and a rise in commercial claims.
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