Catastrophe loss data aggregator PERILS has updated its insured loss estimate to AUD $1.041 billion (USD $728.28 million) for the floods that hit the Australian city of Townsville, Queensland in February 2019.
The update compares with PERILS’ initial loss estimate of AUD $957 million (USD $669 million), which was issued on 15 March, 2019.
In line with the PERILS event definition, its loss estimates only cover property damages, with additional losses from motor and other lines of business not accounted for.
The company will issue a third estimate six months after the event, followed by a final update after 12 months.
The city of Townsville and the surrounding area in northeastern Queensland experienced torrential rain and flash flooding between January 26 and February 10 due to a slow-moving monsoon system.
The flooding was compounded further after flood gates at the Ross River dam were fully opened last week to drain dangerously high water levels, releasing up to 1,900 cubic metres of water a second and sweeping away cars and more than 300,000 livestock.
PERILS says that Townsville’s accumulated rainfall totals from consecutive days were the highest since records began in 1888.