PERILS has released a third Cyclone Debbie loss estimate, using more detailed data available at postcode level for the first time, of AUD1.66 billion (US$1.3 billion), a figure up from its June loss estimate by AUD247 million.
PERILS’ latest loss estimate represents the first time collated insurance loss data from a postcode level and property line of business was used for an Australian Cat event estimate.
Darryl Pidcock, Head of PERILS Asia-Pacific, commented; “We are very happy to be able to make available loss data for Tropical Cyclone Debbie at such a granular level particularly given the significance of this event for the Australian insurance market.
“The loss footprint has been produced by collecting detailed loss data from insurance Companies active in Australia.
“We are very grateful for their support, particularly as the preparation of detailed loss information requires significant effort on their part, and remain fully committed to repaying that effort through the provision of high quality industry data.”
The information on the cyclone’s loss footprint 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) and validate vulnerability functions in probabilistic cat models with actual, high-quality and independent market data, among other uses.
In line with the PERILS loss reporting schedule, the fourth loss estimate for tropical cyclone Debbie will be released on 28 March next year, 12 months after the event.
