Insurance Losses From Sydney Floods Approach A$100M: ICA

Insurers have received 8,415 claims as a result of July’s floods in Sydney, carrying an initial estimated insurance price tag of A$97.9 million (US$66.8 million), according to the Insurance Council of Australia (ICA).

The ICA said 84% of the claims were property related, while 14% were motor claims and 2% were commercial.

Earlier this week, the ICA declared a “significant event” for the July 2022 extreme rain and flooding event that has affected large parts of Sydney, the Hunter Region and the Mid North Coast of New South Wales.

The torrential rainfall experienced in Australia over the past several years is being blamed, in part, on the La Niña weather phenomenon in the Pacific Ocean, which can bring above-average rainfall.

Photograph: In this photo provided by the State Emergency Service, a home is threatened by flood water near Singleton, Australia, on Wednesday, July 6, 2022. Floodwaters were receding in Sydney and its surrounds on Thursday, July 7, 2022, as heavy rain continued to threaten to inundate towns north of Australia’s largest city. Photo credit: State Emergency Service via AP.

Related:

• Update: Heavy Rains Ease Over Sydney but Floods Continue to Force Evacuations
• Torrential Rain Brings More Flooding to Sydney, Forcing Thousands to Evacuate
• What Is Causing Australia’s Incessant Rain?

Topics Profit Loss Flood