{"id":327148,"date":"2022-11-30T15:05:10","date_gmt":"2022-11-30T05:05:10","guid":{"rendered":"https:\/\/southburnett.com.au\/news2\/?p=327148"},"modified":"2022-11-30T20:24:38","modified_gmt":"2022-11-30T10:24:38","slug":"insurance-bill-tops-12-3b","status":"publish","type":"post","link":"https:\/\/southburnett.com.au\/news2\/2022\/11\/30\/insurance-bill-tops-12-3b\/","title":{"rendered":"Insurance Bill Tops $12.3b"},"content":{"rendered":"
\"\"<\/a>
The March 2022 floods in south-east Queensland and northern NSW cost insurers $5.65 billion<\/figcaption><\/figure>\n

November 30, 2022<\/strong><\/p>\n

Data released by the Insurance Council of Australia (ICA) on Wednesday shows that the insurance bill for storms and floods since January 2020 has topped $12.3 billion.<\/p>\n

Every eastern state has been significantly affected by flooding over the last three years, while South Australia and Western Australia have been hit by storms and cyclones.<\/p>\n

Am ICA spokesperson said that since January 2020 almost 788,000 claims related to floods and storms declared to be “Insurance Catastrophes or Significant Events: have been received by insurers, meaning that in just three years one-in-25 adult Australians has made an insurance claim because of wild and wet weather.<\/p>\n

The cost of this year\u2019s February-March floods in south-east Queensland and northern NSW has now reached more than $5.65 billion, surpassing the 1999 Sydney hailstorm in cost and making it the most expensive natural disaster in Australia\u2019s history.<\/p>\n

The flooding affecting the Central-West NSW has so far resulted in nearly 3600 claims lodged however an estimate of the extent of the damage bill is still being determined.<\/p>\n

ICA CEO Andrew Hall said each one of the 788,000 wild and wet weather claims lodged with insurers over the past three years represents a significant disruption to an Australian homeowner, tenant, landlord, business owner, primary producer or motor vehicle owner.<\/strong><\/p>\n

“The fact that one in 25 of us has had to lodge an insurance claim because of this extreme weather is very sobering,” Mr Hall said.<\/p>\n

“We must not ignore what this data is telling us to do \u2013 invest in community-level mitigation, home retrofits, home buybacks in the most extreme cases, and better early warning systems.<\/p>\n

“We also need to stop building homes in harms\u2019 way and make new homes stronger.<\/p>\n

“Given the scale of this year\u2019s flooding in northern NSW and south-east Queensland it\u2019s pleasing that more than two thirds of claims from this event are now closed, and insurers are working around the clock to close out the remainder.”<\/p>\n

* * *<\/strong><\/h2>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Event\u00a0<\/strong><\/td>\nLocation<\/strong><\/td>\nType<\/strong><\/td>\nYear<\/strong><\/td>\nValue<\/strong><\/td>\nClaims\u00a0<\/strong><\/td>\n<\/tr>\n
Central West NSW Floods<\/td>\nNSW<\/td>\nFlooding<\/td>\n2022<\/td>\nN\/A<\/td>\n3583<\/td>\n<\/tr>\n
Vic, NSW & Tas Floods<\/td>\nNSW, Vic, Tas<\/td>\nFlooding<\/td>\n2022<\/td>\n$477m<\/td>\n17,277<\/td>\n<\/tr>\n
NSW Severe Weather<\/td>\nNSW<\/td>\nFlooding<\/td>\n2022<\/td>\n$244m<\/td>\n21,983<\/td>\n<\/tr>\n
SE Queensland & NSW Floods<\/td>\nNSW, SEQ<\/td>\nFlooding<\/td>\n2022<\/td>\n$5.65b<\/td>\n237,470<\/td>\n<\/tr>\n
SA & Vic Severe Storms<\/td>\nSA, Vic<\/td>\nStorm<\/td>\n2021<\/td>\n$875m<\/td>\n110,439<\/td>\n<\/tr>\n
Severe Weather & Flooding<\/td>\nVIC<\/td>\nStorm & flooding<\/td>\n2021<\/td>\n$313m<\/td>\n34,372<\/td>\n<\/tr>\n
Tropical Cyclone Seroja<\/td>\nWA<\/td>\nCyclone<\/td>\n2021<\/td>\n$400m<\/td>\n9997<\/td>\n<\/tr>\n
Extreme Weather Event<\/td>\nNSW, SEQ<\/td>\nFlooding<\/td>\n2021<\/td>\n$618m<\/td>\n58,865<\/td>\n<\/tr>\n
Halloween Hail<\/td>\nSEQ<\/td>\nHailstorm<\/td>\n2020<\/td>\n$1.056b<\/td>\n44,703<\/td>\n<\/tr>\n
Rockhampton Hail<\/td>\nFNQ<\/td>\nHailstorm<\/td>\n2020<\/td>\n$503m<\/td>\n14,804<\/td>\n<\/tr>\n
South-East Coast Storms & Flooding<\/td>\nSEQ<\/td>\nFlooding<\/td>\n2020<\/td>\n$974m<\/td>\n102,286<\/td>\n<\/tr>\n
January Hailstorms<\/td>\nSEQ<\/td>\nHailstorm<\/td>\n2020<\/td>\n$1.68b<\/td>\n132,205<\/td>\n<\/tr>\n
TOTAL<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n$12.3b<\/strong><\/td>\n787,984\u00a0<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Data released on Wednesday shows that the insurance bill for storms and floods since January 2020 has topped $12.3 billion.<\/p>\n","protected":false},"author":20,"featured_media":314059,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5,3],"tags":[],"yoast_head":"\nInsurance Bill Tops $12.3b - southburnett.com.au<\/title>\n<meta name=\"description\" content=\"Data released by the Insurance Council of Australia on Wednesday shows that the insurance bill for storms and floods since January 2020 has topped $12.3 billion.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/southburnett.com.au\/news2\/2022\/11\/30\/insurance-bill-tops-12-3b\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Insurance Bill Tops $12.3b - 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