Event background
On Monday, 28 February 2022, the ICA extended the Insurance Catastrophe declaration made on Saturday for South-East Queensland to include those areas of New South Wales impacted by the ongoing weather cell.
CAT 221 became the costliest insured event in Australian history, with losses estimated at over $6 billion across 246,000 claims.
External pressures, including a tight labour market, construction material shortages and high inflation, compounded the industry's challenges in responding to policyholders.
