Catastrophe insurance data provider PERILS has released a AU$794 million loss estimate for the Australian East Coast Low event which occurred between February 5 and February 13 and impacted the eastern states of New South Wale and Queensland.
The third largest industry loss from an East Coast Low event in the last three decades, PERILS’ initial estimate is based on loss data collected from affected insurers and will release an update by May 13.
The East Coast Low of February 2020 was a long low-pressure trough extending inland along the Australian east coast.
This low-pressure trough drew in moisture from the Tasman Sea which was warmer than usual, particularly off Sydney.
The result was very intense rainfall from early to mid- February 2020 leading to flash and river flooding.
The rainfall was accompanied by strong winds on 9 February as well as storm surge and high waves. In combination, these weather features caused widespread damage along the coastal areas of South East Queensland and New South Wales.
“The summer of Cat events continued with the East Coast Low event following the Australian bushfires and hailstorms,” said Darryl Pidcock, Head of PERILS Asia-Pacific, commented.
“With a combination of heavy rainfall, strong wind gusts and storm surge, considerable insurance losses were experienced.
“Whilst the East Coast Low caused significant property damage, the heavy rainfall refilled water catchment areas as well as bringing relief to many bushfire and drought-affected rural areas.”
