australia

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 estimate for the outbreak of severe flooding that affected parts of southeastern Australia during the month of October 2022, has been raised by 6% to AU $840 million, by catastrophe data aggregator PERILS.

The outbreak of severe flooding that affected parts of southeastern Australia during the month of October 2022 has been estimated as a roughly AU $791 million insurance industry loss by catastrophe data aggregator PERILS.

Since January 2020, storms and floods impacting Australia have driven more than three-quarters of a million claims and an enormous AU $12.3 billion of losses to the insurance and reinsurance market.

Driving home the escalating costs of flooding in Australia, the Insurance Council has released data that shows the country has suffered AU $8.8 billion of insured losses from floods just since 2019, while insured losses from the flooding earlier this year continue to creep higher.

Traditional reinsurance carriers have taken significant losses from Australian insurance carriers in recent years, as a result of which their appetites have waned for some lower layers of reinsurance towers, forcing carriers to look at alternatives.

The insurance and reinsurance market loss from the so-called Halloween hailstorm event in October 2020 that struck south-east Queensland, Australia has been lifted slightly to A$1.222 billion by PERILS AG.

The Insurance Council of Australia has increased its estimate for the insurance and reinsurance market loss resulting from the hailstorm event that struck south-east Queensland on October 31st 2020 to A$1.08 billion.

The Insurance Council of Australia has said that its estimate for the insurance and reinsurance market loss from the hailstorm event on October 31st 2020 that struck south-east Queensland is A$805 million.

The estimate for insurance and reinsurance market losses from the severe east coast low pressure storm that hit Australia at the beginning of February 2020, has been finalised with a rise of 3% at A$989 million by PERILS AG.