Cyclone Debbie insured loss levels tip event in to ’insurance catastrophe’ zone
Perils has disclosed its initial loss estimates for cyclone Debbie, with insured property market loss expected to reach AUD1.1bn (US$820m).
Debbie hit the Australian states of Queensland and New South Wales on 28 March and continued battering the states until early April, with maximum gusts recorded at 263km/h.
The category 4 cyclone was namechecked in several results statements for Q1, including Swiss Re, which said it expected insurance claims of US$350m from Debbie.
Cyclone Debbie insured loss was expected to be high as the event was declared an ‘insurance catastrophe’ by the Insurance Council of Australia (ICA).
Perils Asia-Pacific head Darryl Pidcock said: “Debbie clearly exceeds our property market loss reporting threshold of AUD 500m and made a significant impact on the insurance and reinsurance industry. As such, the event underpins the need for reliable natural catastrophe insurance data for Australia, which PERILS strives to provide.”