East coast floods dubbed costliest floods ever

The Insurance Council of Australia’s latest estimates peg insured losses from the storms and floods across east coast of Australia in February and March at $3.35 billion Australian ($2.38 billion) – terming the event as the costliest flood in the country’s history, Asia Insurance Review reported. Higher claims costs, especially relating to commercial and personal properties and contents are largely attributed to the increased cost of materials and supply chain challenges.