Australia: Latest estimates for 2020 hailstorms puts losses at $1.5bn
Source: Asia Insurance Review | Feb 2021
The final estimate for insurance market losses from the January 2020 Australian hailstorms has come in at AUD$1.88bn ($1.5bn), according to calculations by PERILS, the independent Zurich-based organisation providing industry-wide catastrophe insurance data.
This compares to the previous loss estimate of AUD$1.81bn which was issued by PERILS on 21 July 2020, six months after the event. In line with the PERILS event definition, the loss number covers the property and motor hull lines of business.
The report comes 12 months after the series of hailstorms struck Victoria, New South Wales, Queensland and the Australian Capital Territory – all within a three-day period. Across the affected areas, motor losses contributed 42% of the total industry loss, while 58% were due to losses in property lines of business. A