Flood Damage Bill for New South Wales Close to $100 Million

A resident paddles a kayak to commute in the Sydney, Australia, on July 6, 2022. - Thousands of Australians were ordered to evacuate their homes in Sydney as torrential rain battered the country's largest city and floodwaters inundated its outskirts. Muhammad Farooq/AFP via Getty Images

Australian insurers are bracing for a surge of flood insurance claims as heavy rains and flooding begin to recede in parts of New South Wales (NSW).

According to the Insurance Council of Australia’s latest data, NSW residents have so far lodged 8,415 claims, an increase of around 28 percent compared to figure released on July 7.