PERILS LOWERS QUEENSLAND HAILSTORM LOSS ESTIMATE

Catastrophe claims company Perils has lowered its industry loss estimate for the Queensland Halloween hailstorms to A$1.7bn. It had previously estimated insured losses from the October 31, 2020, hailstorms at A$1.3bn. The severe thunderstorms impacted South East Queensland, including Brisbane, the Gold Coast, the Sunshine Coast and parts of north-eastern New South Wales, with hail recorded up to 14 cm in diameter. The vast majority of losses (86%) were from property damage, while motor losses accounted for the remainder of the industry loss. Perils will issue an updated loss estimate on November 1, 2021.