Initial loss estimate at AUD1028 mn

PERILS, the independent organisation providing industry-wide catastrophe insurance data, has disclosed its initial industry loss estimate for the Southern Australia severe storms which occurred during the period of 28 to 30 October 2021.

PERILS’ initial estimate of the insured market loss, based on loss data collected from the majority of the Australian insurance market, is AUD1,028 million.

The month of October saw numerous outbreaks of severe weather along the southern and eastern Australian coastline, notably on 30 September to 2 October, 14 to 15 October and 18 to 23 October 2021. On 28 and 29 October 2021, yet another low-pressure system moved from South Australia in a south-easterly direction across southern Victoria and Tasmania. The system brought damaging hail, wind and severe thunderstorms which impacted populated areas in the three states, among them the major urban centres of Adelaide and Melbourne.

The Adelaide region of South Australia was the first area to be impacted by the storm system on 28 October. It brought heavy hailstorms and strong winds to the city and surrounding areas. The storm front moved further southeast into Victoria during the night and into the morning of 29 October bringing heavy rainfall, hail and strong wind gusts of up to 146 km/hr. Tasmania started to be impacted by the frontal low during the morning of 29 October with strong winds and torrential rain.