PERILS, the Zurich-based independent provider of catastrophe insurance market data, has published its third industry loss estimate relating to the severe convective storms that struck Queensland and New South Wales between 21 and 27 November 2025.
PERILS reported that the latest industry loss estimate has been placed at AUD 2.943 billion, broadly unchanged from the AUD 2.950 billion estimate issued three months after the event. The company’s first estimate, released six weeks after the storms, stood at AUD 2.663 billion.
According to PERILS, the estimate has been compiled using detailed claims information collected from most participants in the Australian insurance market. The data is categorised by postcode and covers both property and motor hull business lines, in line with the company’s reporting methodology for Australia. The report also contains postcode-level estimates for maximum hailstone intensity.
PERILS stated that residential property claims accounted for the largest share of losses at 67%, while commercial property losses represented 21%. Motor-related claims contributed the remaining 12% of the overall insured loss total.
The company noted that Queensland was the most heavily affected state, accounting for 91% of the industry loss figure, with New South Wales contributing a further 8%.
PERILS said the storms affected a large stretch of Australia’s east coast, extending from Brisbane in South East Queensland to Sydney in New South Wales. The weather systems brought widespread hail, damaging winds and intense rainfall, with the most severe activity recorded on 24 November. During that period, hailstones measuring up to 14 cm in diameter were reported in parts of South East Queensland.
Under PERILS’ reporting timetable, the company confirmed that a further update on the market loss estimate will be issued on 27 November 2026, marking twelve months since the end of the event.
Darryl Pidcock, Head of Asia Pacific & Cyber at PERILS, commented: “Industry losses are quite stable compared to the second loss report released three months after the event. These recent storms demonstrate how the key drivers of insured losses can vary between events. Despite exceptionally large hail, motor claims accounted for a lower-than-usual share at 12% of total industry losses—well below what we would typically observe. Instead, storm damage largely impacted residential properties and to a lesser extent commercial properties, reflecting the combined effects of destructive winds, intense rainfall and large hailstones.”
Pidcock added: “The detailed losses included in this report together with the observed storm intensities offer valuable insights how SCS events can differ materially with their impact on insured properties.”
PERILS had originally published its initial industry loss estimate for the event in January 2026 at AUD 2.663 billion, with subsequent updates reflecting continued claims development as losses rose to AUD 2.950 billion three months after the event before settling marginally at the latest AUD 2.943 billion estimate, indicating relatively stable late-stage claims development across the market.
