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Insurance Losses for October storms in southern Australia estimated at A $ 1.03 billion

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Insurance Losses for October storms in southern Australia estimated at A $ 1.03 billion.

Insurance Losses for October storms in southern Australia estimated at A $ 1.03 billion: Initial estimates of industry losses for severe southern Australian storms, which occurred during the period October 28-30, 2021, are A $ 1.03 billion ($ 739 million Americans).

Insurance Losses

Insurance Losses for October storms in southern Australia estimated at A $ 1.03 billion.

Initial estimates of industry losses for severe southern Australian storms, which occurred during the period October 28-30, 2021, are A $ 1.03 billion ($ 739 million Americans), according to PERILS, UKTN Zurich-based organization that provides industry-wide catastrophe insurance data.

In accordance with the definition of the PERILS event, the PERILS claim number covers the branches of activity of goods and engine hulls. An updated estimate of the market loss due to severe storms in South Australia will be available by January 31, 2022, three months after the event’s end date.

October has seen numerous outbreaks of severe weather events along the southern and eastern coasts of Australia, including September 30 to October 2, October 14 to October 15, and October 18 to October 23, 2021. On 28 and 29 2021, another low pressure system moved from South Australia in a south-easterly direction through southern Victoria and Tasmania. The system caused hail, wind and severe thunderstorms that affected populated areas in all three states, including major urban centers of Adelaide and Melbourne.

The Adelaide region of South Australia was the first area affected by the storm system on October 28. It caused heavy hailstorms and high winds over the city and surrounding areas. The storm front moved further southeast to Victoria overnight and into the morning of October 29, bringing heavy rain, hail and strong wind gusts of up to 146 km / h. Tasmania began to be affected by the frontal depression on the morning of October 29 with strong winds and torrential rains.

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The event caused extensive damage to homes and cars due to hail, high winds and torrential rains. Large blackouts affected up to 526,000 homes and businesses in Victoria and 30,000 in South Australia. The material damage caused by the event is largely covered by insurance with losses mainly linked to the branches of activity of goods and engine hulls with contributions also from crop insurance (not included in the PERILS loss survey ).

“The losses suffered by the insurance industry from severe storms in South Australia were typical of this type of spring storm in that they were generated by a combination of hail, wind and flooding. surface water, ”commented Darryl Pidcock, head of PERILS Asia-Pacific.

“The main cause of damage differed by region, but was due to the same low pressure front that swept through all three states. The event added significant losses to an already difficult month for the insurance industry following severe weather outbreaks nationwide in October, ”he added. “For South Australia alone, the storm is likely to be one of the costliest natural disasters of all time.”

Subjects
Windstorm Australia Profit Loss.

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