Catastrophe loss data aggregator PERILS has released its first industry loss estimate for the January 2020 hailstorms that impacted south-eastern Australia, putting losses at AU $670 million (US $443 million).
However, it is worth noting that PERILS only covers losses to property lines, and does not include motor and other lines of business.
According to the ICA, more than 87,500 claims related to the hailstorms have now been received, including more than 60,000 for motor vehicles.
The hailstorms in question impacted parts of Victoria, New South Wales, Queensland and the Australian Capital Territory over 19th to 21st January.
PERILS believes that the event ranks as the fourth largest hailstorm to hit Australia in the past 20 years, following the Sydney Hailstorm of April 1999, the Brisbane Hailstorm of November 2014, and the Sydney Hailstorm of December 2018.
The firm recently settled on its final industry loss estimate for the 2018 Sydney hailstorm, putting total re/insured losses at AU $798 million (US $550 million).
“Australia has already faced a very challenging summer especially given the impact of the bushfires on many local communities,” said Darryl Pidcock, Head of PERILS Asia-Pacific.
“The hailstorms that occurred in January are particularly unusual given that they affected three different states and the Australian Capital Territory over a three-day period,” he explained. “This is the second hailstorm event to be captured since PERILS entered the Australian market and provides another example of the value PERILS can bring to the market.
Pidcock added: “We are very grateful for the support of our insurance partners who, whilst facing a demanding summer period, continue to contribute their loss data.”
In line with its usual update schedule, PERILS will release its next estimate for the January 2020 hail event on April 21, three months on from the original event.