Loss Estimate for Australia’s Townsville Flood Rises to A$1.041 Billion: PERILS

Insured property losses for floods that affected northern Queensland, Australia, and in particular the city of Townsville, have risen to A$1.041 billion ($727 million), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data.

This second estimate from PERILS has risen from the initial loss estimate of A$957 million ($668 million), which was issued by PERILS on March 15, 2019.

In line with the PERILS event definition, the PERILS loss number covers the property line of business only.

An updated estimate of the market loss for the Townsville Flood will be made available on Aug. 12, 2019, six months after the event, which took place between Jan. 26 and Feb. 10, 2019.

PERILS said the loss information in this third and following reports will be provided by postcode and property lines of business.

Source: PERILS

Related:

• Australia Floods Cost Insurers US$635M in February: Aon’s Catastrophe Recap
• Insurance Council of Australia Declares Catastrophe for Queensland Floods