PERILS has released an initial insured property market loss estimate of AU$1.116 billion (approximately US$820 million) after tropical Cyclone Debbie struck Airlie Beach in the Whitsunday Region of Queensland on 28th of March, causing significant wind and water damage across Southeast Queensland and Northeast South Wales, Australia.
Darryl Pidcock, Head of PERILS Asia-Pacific, commented; “Cyclone Debbie is the first loss event captured by PERILS in Australia and comes only half a year after the initial release of the PERILS Industry Exposure Database for the territory.
“Debbie clearly exceeds our property market loss reporting threshold of AUD500m and made a significant impact on the insurance and reinsurance industry. As such, the event underpins the need for reliable natural catastrophe insurance data for Australia, which PERILS strives to provide.”
Cyclone Debbie hit Hamilton Island with devastating gusts at 263 km per hour.
Levels of rainfall were exceptional – 643 mm fell within just 24 hours in Clarke Range, west of Mackay – leading to surface water and river flooding affecting many communities in Southeast Queensland and Northeast South Wales.
The remnant low from Debbie also impacted New Zealand’s North Island, although this wasn’t included in the PERILS loss survey.
PERILS will provide an updated estimate Debbie property market loss report on 28 June 2017, three months after the event start date; Eduard Held, Head of Products at PERILS, said; “PERILS’ second loss report will be issued on 28 June and will include an update of the country-wide market loss and the number of affected polices.
“Subsequent loss reports will provide loss data at four-digit postcode level and by property lines of business. This will help to further improve the industry’s understanding of Australian tropical cyclone risk and ultimately facilitate its tradability.”
