Queensland, Townsville 2019 flood estimates hit A$1.04bn: Perils

Loss estimates for the northern Queensland and Townsville flooding earlier this year have topped A$1.04 billion (US$728 million) according to Perils second estimate published today.

In March 2019, Perils initially estimated losses from flooding between 26 January and 10 February 2019 at A$957million. The updated figure only covers the property line of business.

More specific loss updates for the market loss for the Townsville Flood will be published by Perils on 12 August 2019, and will be provided by postcode and property lines of business.

The flooding was caused by a slow-moving monsoon system and the consequent exceptional rainfall it brought. Rain fell for 10 consecutive days in some areas culminating in more than 2,000mm of water. Townsville in particular saw its highest level of rainfall since records began in 1888.

Surface and river flooding caused widespread devastation in rural northern Queensland and major losses in the city of Townsville, where flooding by the Ross and Bohle rivers resulted in severe damage to thousands of homes, businesses and public infrastructure.