PERILS has updated its loss estimate for the New South Wales and Queensland floods of 18 to 24 March 2021

PERILS has disclosed its second industry loss estimate for the New South Wales and Queensland floods, which occurred primarily during the period of 18 to 24 March 2021.

The second estimate of the insurance market loss is $916m, compared to the initial loss estimate of $1 billion. The estimate is based on loss data collected from the majority of the Australian insurance market.

An updated estimate of the property and motor hull market loss from the New South Wales and Queensland floods, including a detailed footprint breaking down the industry loss into postcode area and lines of business, will be made available on 24 September 2021.

The East Coast of Australia experienced an extreme period of rainfall from 18 to 24 March 2021 which resulted in major river and surface water flooding. The rainfall was the result of a blocking high pressure system in the Tasman Sea and a low-pressure system off north-west Australia which fed large volumes of moist tropical air into eastern Australia.

The areas most affected were the Mid North Coast, and the Hunter and Greater Sydney regions. In addition, adjacent parts of South-East Queensland and Eastern Victoria were also affected by storm and flood damage.