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The insurance and reinsurance market loss to property lines of business from the Townsville area flooding in the Queensland region of Australia has been raised by 16% to A$1.217 billion (US $822m) by PERILS.

The insurance and reinsurance industry loss resulting from the Townsville area flooding in the Queensland region of Australia earlier this year has now risen to a new high at A$1.243 billion (US $850m), according to the Insurance Council of Australia (ICA).

The insurance and reinsurance industry loss to property lines of business from the Townsville area flooding in the Queensland region of Australia is now estimated to have risen to A$1.041 billion (US$730m).

Insured losses from the flooding in Queensland, Australia have resulted in US$3.9 billion in claims so far according to the Insurance Council of Australia (ICA). The organisation revealed figures today showing that the insurance industry had assessed over 118,000 claims valued at AU$3.6 billion (US$3.9 billion).

Damage and insured loss estimates for the flooding in Queensland, Australia are varying wildly as people attempt to quantify the enormity of the disaster that has struck. Our article yesterday which discussed S&P’s bulletin that said losses to insurers would exceed A$1 billion looks like a major underestimate as more recent announcements have raised loss […]

Standard & Poor’s have issued a bulletin saying that losses from the flooding being experienced in Queensland, Australia could end up costing the re/insurance industry over A$1 billion. Despite the potential high losses S&P says that ratings on Australia’s major general insurers remain unaffected so far.

Flooding in Australia’s Northern Queensland region is set to result in economic losses of at least A$1.7 billion, with the cost for insurance and reinsurance firms said to be more than A$893 million, according to Aon.

Parts of Queensland, New South Wales and Victoria have been struck by severe thunderstorms, convective weather and hail over the Christmas period, resulting in flooding and property damage, after which the Insurance Council has declared a “Significant Event.”

Catastrophe data aggregator PERILS has released an updated insurance and reinsurance industry loss estimate for the October 2022 Southeast Australia floods of AU $907 million, up roughly 8% from the previous estimate reported in January.

The insurance and reinsurance industry loss from the severe flooding that struck eastern regions of Australia in February and March 2022 has now been finalised and lifted 4% higher by PERILS AG, with the event now estimated to have cost the industry nearly AU $6.53 billion (roughly US $4.35bn).