Zurich-based catastrophe insurance data provider PERILS has disclosed its second industry loss estimate of AUD 916m for the New South Wales and Queensland floods, which occurred primarily during the period of 18 to 24 March 2021.
This compares to the initial loss estimate of AUD 1,055m which was issued by PERILS last month 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 and motor hull market loss from the New South Wales and Queensland floods, including a detailed footprint breaking down the industry loss into postcode area and lines of business, will be made available on 24 September 2021, six months after the event end date.
The East Coast of Australia experienced an extreme period of rainfall from 18 to 24 March 2021 which resulted in major river and surface water flooding.
The areas most affected were the Mid North Coast, and the Hunter and Greater Sydney regions. In addition, adjacent parts of south-east Queensland and eastern Victoria were also affected by storm and flood damage.
During this 7-day period, the New South Wales coast experienced the highest recorded rainfall since national records began in 1900, with some locations along the mid-north coast of New South Wales recording 600-800mm of rain.
The resulting damage to private property and businesses was covered to a large part by insurance, while losses to public infrastructure, crops and livestock remained largely uninsured.
