PERILS lifts 'Queensland Halloween Hailstorms' estimate to A$1.3bn

Insured loss estimates for last October's "Halloween Hailstorms" in southeast Queensland, Australia have reached A$1.3 billion, according to  PERILS' second estimate published today.

The updated figure compares to the initial loss estimate of A$1.23 billion issued in December 2020 and includes losses in the property and motor hull lines of business.

The estimate is based on loss data collected from the majority of the Australian insurance market.

On October 31, 2020, severe thunderstorms impacted southeast Queensland, including the surrounding areas of Brisbane, the Gold Coast and the Sunshine Coast. The corridor from Amberley through to the northern suburbs of Logan near Brisbane was the area hardest hit by the event, with hail recorded up to 14 cm in diameter. There was also giant hail recorded in the Gympie area up to 7cm in diameter.

PERILS said that its next property market loss estimate will be made available in May 2021, six months after the event end date.

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