hail storm

Regular readers know we love a parametric trigger where the data inputs are sensor-derived and located on-site for the insured or covered party. Hailios is doing this for hail coverage, an area where significant gaps in insurance protection are often evident.

Once again a large hail storm event looks set to drive at least economic losses towards the billion dollar mark, perhaps insurance and reinsurance market losses too.

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.

The insurance and reinsurance market loss from a hailstorm event in October 2020 that struck south-east Queensland, Australia has been raised 6% to A$1.3 billion by PERILS AG.

The insurance and reinsurance industry loss estimate for the severe hailstorms that struck the southeastern region of Australia in January 2020 has been raised by roughly 4% to almost AU $1.9 billion.

Severe convective storm, thunderstorm and severe weather impacts reached a record high last year, as the peril drove the largest share of annual natural disaster losses that were covered by insurance and reinsurance in the United States during 2020, according to data from Munich Re.

A number of insurance-linked securities (ILS) funds invested into collateralised reinsurance positions that are exposed to catastrophe events in Australia have reported negative performance for November on the back of reserving for hail storms and severe weather, we understand.

The insurance and reinsurance market loss from the October 2020 south-east Queensland, Australia hailstorm event has been preliminarily estimated at A$1.231 billion by PERILS AG.

The first catastrophe of the 2020-21 season has been declared in Australia by its Insurance Council, after large hail of up to tennis ball size hit south-east Queensland damaging cars and homes.