, Australia
/Jonathan Ford from Unsplash

Australia’s Christmas storms cause AU$1.5b industry loss

The storm brought hail sizes of up to 10cm.

PERILS, the Zurich-based organisation providing industry-wide catastrophe insurance data, updated the insurance market loss from Australia’s Christmas storms, which reached $990m (AU$1.55b).

The Australia Christmas Storms, which impacted Victoria, New South Wales, and Queensland from 23 to 29 December was initially estimated to cause $920m (AU$1.4b) issued on 14 February, covering property and motor hull lines of business.

ALSO READ: Australians strike out health insurance amid soaring costs

The storms brought severe convective activity, including large hail, intense winds, flash floods, and tornadoes, with hail sizes of up to 10cm in diameter reported. 

The weather pattern resulted from a low-pressure system over southeastern Australia being blocked by a high-pressure system over the northern Tasman Sea, causing considerable damage across the affected states.

($1.00 = AU$1.52)

Follow the link s for more news on

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

APAC emerges as leader in renewables insurance
RE is projected to account for 45% of global electricity generation by 2030.
Insurance
IFRC-DREF triggers insurance payout after disaster relief demands exceed threshold
The policy provides up to $16.92m in coverage.The International Federation of Red Cross and Red Crescent Societies' Disaster Response Emergency Fund (IFRC-DREF) has triggered its first-ever insurance payout after disaster relief demands exceeded its deductible threshold. 
Insurance