Insurers that paid out on the 2011 Queensland floods will take part in what is expected to be Australia’s largest class action.

The lawsuit will be brought against the Queensland Government and utility companies Seqwater and SunWater.

Law firm Maurice Blackburn and litigation funder IMF say all conditions have now been met for funding of the lawsuit to proceed.

The action will be filed in the NSW Supreme Court following a February 28 deadline for people to sign up.

IMF will seek “the further enrolment of insurers that collectively paid in excess of $1 billion”.

Executive Director John Walker told insuranceNEWS.com.au insurers and reinsurers will take part, with talks already under way. He would not say which insurers are involved.

About 5000 people have already registered for the lawsuit, and $5 million in funding has been set aside.

“We expect the claim may be greater than $1 billion,” Mr Walker said. Previously, insurers have pursued class actions for fire claims only, he says.

Modelling shows the extent of floods caused by the allegedly negligent operation of Wivenhoe and Somerset dams, giving IMF certainty to commit millions of dollars to the claim, Mr Walker says.

“It has been a long road to this point, but we are very pleased now to say the action will go ahead.”

Maurice Blackburn Principal Damian Scattini says anyone who suffered loss during the floods of the Brisbane and Bremer rivers should contact IMF.

“For most people this was a flood that should not have happened if Wivenhoe and Somerset dams had been operated properly,” he said.

Community meetings will be held in Ipswich and Brisbane this month for people and businesses registered with the class action.

Suncorp will not act over its losses because most were recovered, a spokesman says. The company paid $686 million in claims and recovered $570 million from reinsurers.

“The reinsurers may seek recovery of their losses,” Suncorp said. “If they do, we will provide them with materials relating to claims.”

Munich Re told insuranceNEWS.com.au it will not comment on its possible involvement. Swiss Re says it has not signed up.