Three years after the devastating 2022 floods in Lismore, insurers are still processing new claims related to the disaster. The Insurance Council of Australia (ICA) has confirmed that while over 99% of the 242,000 claims, totalling A$6.4 billion (US$4.07 billion), have been settled, a small number of new claims continue to emerge each month.
The ICA revisited Lismore this week, meeting with businesses, government officials, and community leaders to assess the ongoing recovery. ICA CEO Andrew Hall participated in a roundtable discussion alongside Business NSW and the NSW Reconstruction Authority, where mitigation efforts and challenges in insurance access were key points of discussion.
“We’ve seen incredible resilience from the community, but Lismore remains one of the most flood-exposed areas in the country,” Hall said. “The fact that claims are still being lodged highlights the scale of the disaster and the long road to full recovery.”
Despite proactive mitigation efforts, including property elevation and relocation, local leaders continue to push for increased investment in flood protection infrastructure. NSW Parliamentary Secretary for Disaster Recovery and State Member for Lismore Janelle Saffin MP underscored the region’s challenges with insurance affordability and access.
Business NSW Regional Director Jane Laverty warned that without decisive action, uninsurable businesses could face closures, job losses, and broader economic fallout. “Rising insurance costs are a major concern,” she said. “We need collaborative action from the government and industry to ensure businesses can secure affordable coverage.”
Lismore’s situation highlights ongoing issues in Australia’s insurance industry following extreme weather events. As North Queensland deals with increasing flood-related claims and discussions continue on the Cyclone Reinsurance Pool, insurers and policymakers are still working to balance affordability and risk.
