The estimated costs of claims related to the floods on the East Coast of Australia have now passed $2 billion, according to the Insurance Council of Australia.
In an update on 14 March, the organisation said it had received 135,697 claims related to the floods in South-East Queensland and New South Wales.
Claims had increased by 11.8% over the weekend with most coming from South-East Queensland.
However, the organisation cautioned a global shortage in building materials and labour would have an impact on rebuild and recovery times.
Last week, Andrew Hall, chief executive of the ICA, welcomed the decision by Prime Minister Scott Morrison to declare the situation a ‘federal emergency’.
“The Insurance Council and insurers have been calling for an increase in Federal Government investment in this area to $200 million per year, matched by the states and territories.
“This infrastructure and mitigation investment is vitally important to prevent future harm and devastation to these communities, as we know flood events will inevitably repeat.”
