Zurich-based catastrophe insurance data provider PERILS is now anticipating a AU$1.173 billion industry hit from last October’s South East Queensland Hailstorms.
During the afternoon of 31 October, severe thunderstorms impacted South East Queensland, including the surrounding areas of Brisbane, the Gold Coast and the Sunshine Coast.
The corridor from Amberley through to the northern suburbs of Logan near Brisbane was the area hardest hit, with hail recorded up to 14 cm in diameter.
There was also giant hail recorded in the Gympie area up to 7cm in diameter.
In addition to hail, damaging wind gusts occurred between Redcliffe through to Kingston near Brisbane, with gusts over 110 km/h recorded around Moreton Bay region.
PERIL’s most recent estimate is based on loss data collected from the majority of the Australian insurance market and compares to the figure of AU$1.3 billion issued by PERILS in its second loss report on 1 February 2021.
This third loss report breaks down the property and motor losses by postcode, with the data further divided by residential and commercial lines, and loss amounts split into buildings, contents and business interruption losses where available.
It is also complemented with information on damage degrees and hail intensities based on radar measurements by the Australian Bureau of Meteorology.