Insurers in Australia received more than 3,950 storm and flood claims till early February 2025. These claims are related to recent severe weather and flooding event in north Queensland, which was declared a Significant Event by the Insurance Council of Australia (ICA) on 2 February 2025.
The ICA has said it is still too early to estimate the total damage bill as many communities remain isolated and an ongoing and active event for many. In a statement the ICA said while the threat is not over for some regions, others are starting the clean-up process. It said that in the immediate aftermath of a flooding event, it is important that safety remains the number one priority.
The ICA said it encourages policyholders to file their claims as soon as possible, even if the full extent of the damage isn’t yet known.
ICA CEO Andrew Hall said, “While the true impact of this event on property, business and infrastructure remains to be seen, we know the road to recovery can be difficult.
Mr Hall said, “As expected, claims continue to grow from this widespread event and insurers are committed to supporting policyholders through the claims process, both in person at the Insurance Hub and via usual communication methods. Safety is always top priority so we encourage residents to only return home and begin the clean-up process when it’s safe to do so.”
The ICA declared a ‘significant event’ for regions of North Queensland impacted by storm and flooding over the past few days.With this the ICA's preliminary catastrophe processes have been activated, assisting the ICA and insurers to assess the insurance impact of the current flood event.
Under a significant event declaration, the ICA commences its claims data collection, analysis and reporting processes in consultation with members. This event may next be escalated to an insurance catastrophe if there is a significant increase in claim numbers or complexity or if the geographical spread of this event is extended and in consultation with insurers.
The impact of the recent flooding has been felt most significantly in communities in and around Townsville, Innisfail, Ingham, Gordonvale and Cardwell, however all regions impacted by flood in North Queensland and Far North Queensland since 29 January 2025 fall under the significant event declaration.