Zurich - 24 Sep 2021
PERILS has today disclosed its third industry loss estimate for the New South Wales and Queensland floods, which occurred primarily during the period of 18 to 24 March 2021.
The updated industry loss figure amounts to AUD 751m and is based on detailed loss data collected from the majority of the Australian insurance market. This compares to the figure of AUD 1,055m issued by PERILS in its first loss report six weeks after the event, and AUD 916m issued by PERILS three months after the event. The significant decrease is driven entirely by the collected loss data and indicates initial over-reserving of losses in the wake of the flood event.