hail storm

Losses from the severe hailstorms that struck southeastern Australia in January continue to rise, with the latest insurance industry loss estimate now 24% higher at A$638 million.

Australian primary insurance giant Suncorp has referred to an “unprecedented” start to the season for catastrophe losses this morning, saying that it now expects to make recoveries across its reinsurance program, including its main program, drop-downs and aggregate reinsurance including perhaps its stop-loss.

Australian primary insurance giant IAG is set to make a claim under its calendar year 2020 main catastrophe reinsurance program that provides it with per-occurrence protection for the recent hailstorm events, signalling that the gross loss impact to this one insurer will surpass A$250 million.

Insurance and perhaps reinsurance industry losses from the recent severe hail storm outbreaks across southeastern Australia have risen again, jumping another 26% to hit A$514 million (around US $355m) in the last day.

The insurance and perhaps reinsurance market loss from the recent severe convective storms and large hail events in Australia is estimated to have risen by 27% in just one day, reaching A$407 million (around US $280m) as claims start pouring in.

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.

An innovative new sensor derived and triggered parametric insurance policy designed to cover auto dealer lots against hail storm damage has been launched by insurtech Understory, backed by MSI GuaranteedWeather and reinsurance capital.