Three-week extended flooding now seen rendering A$4.9bn in damage.
The event is the largest flood loss on record for the Australian insurance industry.
Clustering phenomena not uncommon but poses a major challenge for the insurance sector.
The storm affected Scotland, Northern Europe and Germany.
Loss aggregator PERILS has disclosed its second industry loss estimate for the Southern Australia storms in 2021.
Had the storms struck continental Europe losses would have been considerably higher.
PERILS says Seroja serves as a warning that devastating tropical cyclones can happen in remote regions as well.
The estimate is based on loss data collected from the majority of the Australian insurance market.
The industry ‘still faces challenges’ in offering sustainable and affordable flood risk protection in Australia.
Unusually, motor losses contributed only 4% of the total industry loss.