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

July 8, 2022

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.

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