PERILS has released a final loss estimate of AU $1.74 billion (US $1.33bn) for Tropical Cyclone Debbie which struck the Australian states of Queensland and New South Wales from 28th March 2017 until early April.
This loss estimate is up by AU $82 million from PERILS’ third loss estimate of AU $1.658 billion and represents the first Australian catastrophe event for which a market loss footprint based on loss data collected from affected insurance companies is available at a postcode level and by property line of business.
The loss footprint information combines postcode level gust speed values sourced from the European Centre for Medium Range Weather Forecasts (ECMWF) and Risk Frontiers, and by postcode level rain intensity measures provided by the Australian Bureau of Meteorology (BOM).
By combining this information with PERILS market sums insured, the risk modeller said it can derive damage degree functions as a percentage of Total Sums Insured (TSI) for both cyclone and flood and validate vulnerability functions in probabilistic cat models with actual, high-quality and independent market data, among other uses.
PERILS released an initial insured property market loss estimate of AU $1.116 billion after Cyclone Debbie struck Airlie Beach in the Whitsunday Region of Queensland in March, causing significant wind and water damage across Southeast Queensland and Northeast South Wales, Australia.