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Perils raises property loss estimate for Sydney hailstorms to A$798M

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Perils raises property loss estimate for Sydney hailstorms to A$798M

Perils AG released its fourth and final property insurance market loss estimate for the 2018 Sydney hailstorms of A$798 million, higher than its previous estimate of A$766 million.

Also included in the estimate are losses from the storm activity in southeastern Queensland on Dec. 21, 2018, and Dec. 22, 2018.

Losses from the Queensland hailstorms and bushfires in November 2019 will not exceed loss capturing trigger of A$500 million property insurance market loss. Given that the bushfires continue to cause damage, Perils will continue to monitor developments.

Property insurance market losses from the flooding in England as well as flash and river floods throughout Italy are expected to remain below €200 million in each of the two territories, the catastrophe insurance market data provider noted.