Three years after the devastating floods of early 2022, the Insurance Council of Australia (ICA) has returned to Lismore to assess the region’s progress and discuss ongoing challenges with local businesses, government officials, and the wider community.
The floods, which struck the Northern Rivers region and South-East Queensland in February and March 2022, remain the most expensive insured disaster in Australia’s history. The event also topped 2022 insurance losses outside the US.
According to the ICA, insurers processed over 242,000 claims linked to the event, resulting in a total insured loss of $6.4 billion. While more than 99% of these claims have been finalised, a small number continue to be lodged.
During the visit, ICA chief executive Andrew Hall took part in a roundtable discussion alongside representatives from Business NSW and the NSW Reconstruction Authority.
The session focused on the region’s recovery efforts, the effectiveness of mitigation measures, and strategies to reduce future disaster risks. Many businesses and homeowners have undertaken resilience-focused rebuilding projects, including elevating or relocating structures in high-risk areas.
The ICA, which recently published its Extreme Weather and Disaster Response Planning Guide, also met with representatives from all three levels of government to review progress in the region and discuss community-wide mitigation initiatives.
Acknowledging the community’s recovery efforts, Hall said: “Through the roundtable and personal engagement with those affected by the 2022 floods, it is clear that Lismore is trying new and innovative ways to improve community resilience, with a number of homeowners and businesses in the region proactively investing in mitigation measures to reduce the impact of future floods.”
Hall acknowledged the community’s progress but stressed the need for further investment in long-term resilience strategies.
“Lismore remains one of the most flood-exposed communities in the country, and the reality is that much more investment in hard infrastructure is needed to better protect this unique city,” he said.
Janelle Saffin, NSW Parliamentary Secretary for Disaster Recovery and State Member for Lismore, highlighted persistent insurance affordability issues in the region.
“We in the Northern Rivers know we have major insurance challenges, notably access and affordability, and we are acting to get change. This is global and it is not like it was unknown,” she said, noting that efforts to address coverage accessibility remain a key focus for 2025.
Business NSW regional director Jane Laverty underscored the importance of insurance for business continuity, stating that premium costs and coverage limitations remain critical concerns.
“Appropriate insurance has always been a critical component for well managed business operations and risk management strategies. However, insurance cover access and affordability has been significantly impacted by disaster events and, in our region. directly affected by the 2022 weather event,” she said.
She noted ongoing collaboration with the ICA to explore alternative insurance solutions and advocate for increased investment in disaster mitigation.
“We have been working closely with the Insurance Council of Australia and the CEO Andrew Hall since the 2022 event to navigate impacts and review options for alternative insurance as well as a collective push for mitigation investment that would potentially shift the cost of premiums to more affordable and accessible,” Laverty said, calling for coordinated efforts between government and industry to address these issues.
