australia

Yesterday we covered the outbreak of severe convective weather, thunderstorms, large hail and flooding across a swathe of southeast Australia and already the industry insured losses from these storms has been estimated at A$320 million.

While the ongoing bushfire crisis in Australia has dropped out of the headlines a little in recent days, thanks to rainfall and cooler temperatures, parts of the country have faced fresh catastrophe events as significant severe convective storms and very large hail struck a number of major urban areas over the last few days.

The loss impact from a severe hailstorm that struck the Sydney and surrounding area of Australia in December 2018 is now estimated 4% higher at an insurance and reinsurance market loss of A$798 million (around US $550m) by PERILS AG.

A severe hail storm struck the Brisbane and Sunshine Coast region of South Queensland, Australia yesterday, resulting in widespread damage, with thousands of insurance claims already filed.

The property loss from the December 2018 hail storm that struck the Sydney and surrounding area of Australia has been increased by 21% to a new estimated insurance and reinsurance market loss of A$766 million (US$530m) by PERILS AG.

Industry losses have continued to rise from the December hail storm that struck the Sydney and surrounding area of Australia, with the latest tally of an insurance and reinsurance bill for the event rising to A$1.271 billion (US $915m).

Increasing losses from the December hail storm in Sydney and the surrounding area of Australia has hiked the overall insurance and reinsurance bill for summer catastrophes that have been designated in the country to A$2.2 billion (US $1.57bn).

The property loss caused by the December hail storm in Sydney and the surrounding area of Australia is estimated to have caused an insurance and reinsurance market loss of A$635 million (US$462m) by PERILS AG.

The loss to insurance, reinsurance and some ILS fund interests from the recent major hail storm and severe convective weather outbreak that hit the Sydney and surrounding area of Australia in December has risen, with the industry impact now above A$871 million.

The recent major hail storm and severe convective style weather outbreak that struck the Sydney and surrounding area of Australia in December has already driven nearly A$700 million of claims and it’s now clear that a number of ILS funds are expecting minor impacts from the loss event.