The latest estimates from the Insurance Council of Australia (ICA) put re/insurance industry losses from the recent January hailstorm events in the region of AU $805 million (US $527 million).
Losses are related to a series of destructive hailstorms that struck parts of Victoria, Australian Capital Territory (ACT), Queensland, and New South Wales (NSW) on January 18th, 19th and 20th.
The new figure from the ICA is almost twice as high as was estimated immediately following the storms, with the amount of claims also more than doubling.
According to the Council, more than 87,500 claims related to the hailstorms have now been received, including more than 60,000 for motor vehicles.
Geographically, ACT accounted for 57% claims, while Victoria accounted for 30% and NSW for 13%.
Combined with the devastating wildfires that have ravaged Australia over the past few months, these hailstorm losses are likely to put additional pressure on re/insurers operating in Australia.
For example, IAG said recently that losses resulting from the hailstorms will see it make a claim under its main 2020 catastrophe reinsurance program.
