Australia floods News

Australia’s Extreme Climate Risks Threaten to Make Home Insurance Unaffordable

Australia’s mounting extreme weather events threaten to make home insurance premiums unaffordable for an estimated 1 million households. On average, Australians living in high-risk areas like northern Queensland pay A$3,000 ($2,100) in annual premiums, or double that of residents in …

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 …

Update: Heavy Rains Ease Over Sydney but Floods Continue to Force Evacuations

A wild storm system has moved away from Sydney after pounding Australia’s largest city with four days of torrential rain, satellite images showed on Wednesday, although river waters stayed above danger levels, forcing more evacuations. The year’s third major flooding …

What Is Causing Australia’s Incessant Rain?

MELBOURNE — Torrential rain is lashing Australia’s southeast coast, forcing thousands of people from their homes because of the danger of floods and landslides in a region battered by major flooding four times in the past 18 months. Some areas …

Torrential Rain Brings More Flooding to Sydney, Forcing Thousands to Evacuate

Thousands of people on the outskirts of Sydney were told to leave their homes or prepare to evacuate as days of torrential rain leads to widespread flooding. With more bad weather on its way, authorities issued dozens of evacuation orders …

Insurance Price Tag for Australia’s Record-Breaking Floods Estimated at A$3.35B: ICA

The storms and floods that hit South-East Queensland and coastal New South Wales in February and March are likely to be Australia’s costliest floods on record, according to the Insurance Council of Australia (ICA). Using updated data, the ICA said …

Insured Losses From Eastern Australia Floods Estimated at A$4B: PERILS

Initial insurance losses for the Eastern Australia floods are estimated at A$3.99 billion (US$2.97 billion), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data. The PERILS loss estimate for the floods, which inundated Eastern Australia during …

Natural Disasters Cost Global Economy $32B in Q1, With Only $14B Insured: Aon

Preliminary economic losses from natural hazards billion during the first quarter of 2022 totaled $32, of which less than 50% (or $14 billion), was covered by public and private insurers, according to a report published by Aon. Although the first …

Reinsurers to Bear Brunt of Australia Flood Claims: AM Best

The majority of gross losses from recent devastating flooding in Australia likely will be borne by reinsurers with limited impact on primary insurers’ balance sheets, according to an AM Best report. The flooding brought widespread damage to regions of New …

Update: Heavy Rains Deluge Australian Towns for 2nd Time in a Month

Heavy rains deluged Australia’s east coast on Wednesday, submerging entire towns, while thousands of people fled their homes for the second time within weeks after fast-moving flood waters burst river banks and broke over levees. Several towns in northern New …