Insured losses from floods exceed $5 billion in Australia

According to the Insurance Council of Australia, floods have triggered $8.8 billion Australian ($5.65 billion) in insured and reinsured losses in Australia since 2019, Artemis reported. Severe flooding in eastern Australia this year in February and March was the country’s most impactful flood event, triggering insured losses of more than AUD5 billion, with continued increases in loss creep.