Floods in Australia: nearly 3 billion USD of insured losses

According to Perils AG, the floods which took place in Australia from 23 February to 8 March 2022 should generate 3.99 billion AUD (2.94 billion USD) of insured losses. The majority of the losses are linked to property damage followed by motor damage.

These are the most expensive floods ever recorded by Australian insurers, exceeding those of Brisbane in 2011. The heavy rains devastated the Australian states of New South Wales and Queensland.

According to experts, this event is due to a monsoon trough that developed in these two regions.