Zurich - 13 May 2022
PERILS has today disclosed its third industry loss estimate for the Southern Australia Severe Storms which occurred during the period of 28 to 30 October 2021.
The updated industry loss figure is based on detailed loss data collected from the majority of the Australian insurance market. The new figure of AUD 1,016m is primarily driven by personal lines property and motor losses which represent 78% of the total industry loss. The state of South Australia was most affected, followed by Victoria and Tasmania.
An updated estimate of the industry loss from the Southern Australia Severe Storms will be made available by PERILS on 31 October 2022, one year after the event’s occurrence date.