Perils
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The addition of Japan increases the number of territories covered by Perils to 21. -
European storms have inflicted heavy claims on insurers in recent years.
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The nat cat loss aggregator said the Q1 event was the “largest flood loss on record” for the Australian insurance industry.
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Property losses contributed 88% of the total industry loss total, while 12% were due to motor lines of business.
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Arwen knocked out power for around a million UK homes.
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Hailstones of up to 14 cm in diameter inflicted major damage on cars and property in the state.
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The initial loss figure was A$1.23bn, with a second report putting the loss at around A$1.3bn.
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Property losses make up 96% of claims.
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The last loss tally was 1.7% ahead of an August 2020 estimate for the storm, which exacerbated floods caused by EUR1.57bn event Ciara.
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The loss estimate for the February 2020 event is up 3% on an August assessment.
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The final loss estimate fell by 2.5% as Perils said similar-sized losses could recur every three years.
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The event was the third Australian hailstorm event of 2020 reported by the data aggregator.
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