QUEENSLAND HAILSTORM LOSS ESTIMATE RISES TO A$1.3BN

Industry insured losses from the Queensland Halloween hailstorms are estimated at A$1.3bn ($1bn), according to Zurich-based Perils. The loss is slightly higher than the A$1.2bn estimate issued by the catastrophe claims company in December. The loss estimate, which is based on loss data collected from the Australian insurance market, includes property and motor damage. The hailstorms impacted South East Queensland, including the surrounding areas of Brisbane, the Gold Coast and the Sunshine Coast, on 31 October 2020. Perils will issue an updated loss estimate on May 3, 2021, six months after the event end date.