Brisbane Floods vs ASX Insurance dips
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We are in the unique position of experiencing another Brisbane flood only 11 years after the ‘once in a lifetime’ event of 2011.
KeysDocuments/resources
“Flood summary for the Brisbane River at Brisbane City” http://www.bom.gov.au/qld/flood/fld_reports/brisbane_fact_sheet_2011.pdf
- 13/01/2011 Peaked at 4.46 metres
- Estimated 26600 houses and 5000 businesses affected during the flood.
- Estimated 12500 properties were inundated by flood waters
- above minor flood level (1.7 m) from 11/01/2011 to 14/01/2011.
Looking at Suncorp (ASX:SUN) we can see very small response in share price initially.
Pulling back to a wider timeframe we can see Suncorp share price was in decline since November 2010. Falling 16% to 12/1/2011 then experiencing some short term bounce before falling a further 26% in August 2011.
August to September 2011 saw a rapid recovery of 34% over 23 days.
A class action lawsuit against SEQ water followed a run on insurance claims and disputes.
even after the original rulings, appeals followed.
September 2021
https://www.abc.net.au/news/2021-09-08/qld-court-2011-floods-appeal-hearing-class-action/100143440
“more than 6,500 victims whose homes or businesses were damaged were entitled to almost $900 million in compensation.”
September 2021
NSW “NSW Court of Appeal handed down its decision. The Court of Appeal upheld Seqwater’s appeal and found that Seqwater is not liable in negligence…
