The Insurance Council of Australia (ICA) has released its loss estimate from the South East Queensland hailstorms which took place in October last year.
Insurers have received more than 33,500 claims to date, with losses estimated at $805 million, an estimate which is lower than PERILS estimate of AUD 1.3bn.
The data shows that more than 90% of claims are from householders.
The estimate is based on loss data collected from the majority of the Australian insurance market.
An updated estimate of the property market loss from the South East Queensland hailstorms, including a detailed footprint breaking down the industry loss into postcode area and lines of business, will be made available at the beginning of May 2021.
Amberley through to the northern suburbs of Logan, near Brisbane was the area hardest hit by the event, with hail recorded up to 14 cm in diameter. There was also giant hail recorded in the Gympie area up to 7cm in diameter.
