SE Australian flood losses pegged at A$791m by PERILS
Southeast Australia floods in October 2022 may have rendered insurance industry losses of A$791 million ($ 532 million), according to the initial estimate from cat data specialist PERILS.
Heavy rains in Southeast Australia from October 12 to 28 led to flooding in the states of New South Wales, Victoria and Tasmania. Large rainfall amounts, which in some areas broke historical records, fell on water-saturated soils which led to extensive riverine and pluvial flooding in inland regions.
The PERIL’s initial estimate, covering property and motor hull lines, is based on loss data collected from the majority of the Australian insurance market. An updated estimate of the market loss from the Southeast Australia floods will be made available by 28 January 2023, three months after the event end date.
The head of PERILS Asia-Pacific Darryl Pidcock commented: “After the devastating floods in late February and early March 2022, the Southeast Australia Floods of October 2022 represent yet another major flood event for Australia. While the meteorological conditions of the two events were similar, the October event affected a much less densely populated area and hence losses were significantly lower. Nevertheless, the resulting industry loss was substantial and ranks as the fifth largest flood event loss since 1980.”
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