Perils lifts Queensland, Townsville 2019 flood loss estimate to A$1.2bn
Insured loss estimates for the northern Queensland and Townsville flooding from 26 January to 10 February 2019 have reached A$1.217 billion ($822 million), according to Perils' third estimate published today.
The revised estimate of the property insurance market loss have increased nearly 17 percent from A$1.04 billion reported in its previous estimate in May.
The updated figure only covers the property line of business, and does not include losses from motor and other lines of business.
The Townsville floods were the result of a slow-moving monsoon system which brought exceptional rainfall to northern Queensland in late January and early February 2019. The Australian Bureau of Meteorology reported numerous sites in elevated areas that experienced 10-day rainfall accumulations of more than 2000mm. The city of Townsville registered the highest totals from consecutive days since records began in 1888. The resulting impact on the insurance industry represents the highest flood loss figure since the Brisbane Floods in 2011.
Darryl Pidcock, head of Perils Asia-Pacific, commented: “This market loss footprint is another example of the Perils value proposition to increase data availability for natural catastrophe events and to help the market better understand and manage natural catastrophe risks. The Townsville flood was a devastating event for the region and community rebuilding efforts continue. We hope that by providing this type of loss information to the market it enhances the understanding of flood risk in the region, enabling improvement in flood risk management and protection going forward.”
He added: “We remain grateful for the ongoing support of insurers, particularly as this report requires additional work to prepare the detailed loss information.”
In line with the Perils loss reporting schedule, the fourth loss estimate for Townsville Floods will be released on 10 February 2020, 12 months after the event.
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