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ICA has released the latest set of catastrophe claims data

18 July 2023

The Insurance Council of Australia (ICA) has released the latest set of catastrophe claims data, with last year’s February and March floods in NSW and Queensland nearing the $6 billion mark.

The ICA dataset places the total insured losses from the devastating floods at $5.96 billion, as it continues to exceed the record for Australia’s costliest natural disaster event.

More than 90% of 242,000 claims lodged have been closed, at an average cost of $24,650 per claim.

The ICA also reveals costs associated with flooding in Tasmania, Victoria and NSW last October amounting to $712 million, with the average claim cost at $32,464. Over 72% of claims have been closed in relation to this event.

Other noted significant events in the dataset are last July’s severe storm in NSW, which has amounted to $275 million in insured losses; November floods in Central West NSW at $223 million and a hailstorm in Newcastle in May this year, which has tallied $147 million so far.