PERILS, the catastrophe loss data aggregator, has reported a second industry loss estimate of AUD 1.3bn for the South East Queensland hailstorms which occurred at the end of October last year.
This second estimate compares to the initial loss estimate of AUD 1.2bn which was issued by PERILS on 11th December and includes losses in the property and motor hull lines of business.
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.
The thunderstorms impacted South East Queensland, including the surrounding areas of Brisbane, the Gold Coast and the Sunshine Coast.
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.
