Sydney flood insurance losses near A$100m: ICA

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Insurers received 8,415 claims following the July floods in Sydney, bringing an estimated initial insurance price of A$97.9 million (US$66.8 million), according to the Insurance Council of Australia (CIA).

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

Earlier this week, the ICA declared a “significant event” for extreme rain and flooding in July 2022 which affected large parts of Sydney, the Hunter region and the north coast of New Wales du South.

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The torrential rains recorded in Australia in recent years are partly blamed 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 house is threatened by floodwaters near Singleton, Australia, Wednesday, July 6, 2022. Floodwaters have receded in Sydney and its around Thursday July 7, 2022, as heavy rain continued to threaten to flood towns north of Australia’s largest city. Photo Credit: State Emergency Service via TAUT.

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