Australian hailstorms in April cost re/insurers A$604m: PERILS

Insured losses stemming from the Australian hailstorms, which occurred on April 19, 2020 and affected the central region of the state of Queensland, is estimated to be around A$604 million ($428.4 million), according to PERILS.

The Zurich-based catastrophe insurance data provider has released the industry loss footprint for the event, based on detailed loss data collected from the majority of the Australian insurance market, including detailed property and motor loss data at a postcode level.

Property damage constituted 95 percent of the total insured losses with residential property accounting for 79 percent and commercial property 16 percent, respectively.

Motor losses, personal and commercial lines combined constituted a further 5 percent of the industry loss.

PERILS said an updated estimate of the industry loss will be released on April 19, 2021, one year after the event’s end date.

Darryl Pidcock, head of PERILS Asia-Pacific, commented: “This event was particularly challenging for the industry not only because of the large hail size so late in the season, but also the late and significant claims development. Notwithstanding, with the support of our insurance partners during challenging times, PERILS has been able to produce this footprint which will be the second Australian hail event released this year which is divided into residential and commercial property and motor lines at postcode resolution.”