The Insurance Council of Australia (ICA) estimates the East Coast floods were the most costly natural disaster in Australian history.
The February and March floods across Australia’s east coast were the world’s fourth most-expensive catastrophe, andBrisbane experienced a record-breaking 677 millimetres of rain in just three days in late February, which caused the Brisbane River to swell to 3.8 metres and led to flooding across the city.and leaving four people dead.
“More needs to be done in the emerging markets to protect people and insure their growing assets against the financial shock of natural disasters – especially as weather disasters become more extreme due to climate change.”
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