Catastrophe insurance data provider PERILS has estimated that the South East Queensland hailstorms that occurred on October 31, 2020, will drive industry losses in the region of AUD 1.23 billion (USD 930 million).
PERILS’ initial estimate of the insured property and motor market loss is based on data collected from the majority of the Australian insurance market.
The loss number covers the property and motor hull lines of business.
During the afternoon of 31 October, severe thunderstorms impacted South East Queensland, including the surrounding areas of Brisbane, the Gold Coast and the Sunshine Coast.
The corridor from 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.
In addition to hail, damaging wind gusts occurred between Redcliffe through to Kingston near Brisbane, with gusts over 110 km/h recorded around Moreton Bay region.
“This is the third hailstorm event in Australia reported by PERILS for 2020, with total industry losses over AUD 3,640 million across the respective hail events,” said Darryl Pidcock, Head of PERILS Asia-Pacific.
“The South East Queensland Halloween Hailstorms were a particularly noteworthy event given the sheer size of the hailstones in some areas and its relatively early occurrence in the 2020/21 summer season,” Pidcock continued.
“It is becoming increasingly important to deliver industry loss information and physical intensity data to the market given the pressures on the industry and the ever more extreme nature of events. PERILS is continuing its close collaboration with the industry in this endeavour.”
In keeping with PERILS’ reporting schedule, an updated estimate of the property market loss from the South East Queensland hailstorms will be made available on 25 January 2021, three months after the event end date.