Insured losses from Sydney storm estimated at $460 million: Perils
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Perils AG on Thursday estimated insured losses from December hailstorms in Sydney and surrounding areas at AU$635.0 million ($460.3 million).
The hailstorms were part of a convective system that affected Sydney and regions in New South Wales and southeastern Queensland, Australia, on Dec. 20-22, the Zurich-based catastrophe loss data modeler said Thursday in a statement.
The intense system, with multiple storm cells, unleashed hail up to 3 inches in diameter and wind gusts up to 87 miles per hour, Perils said in the statement.
Perils said it will release an update on March 20.
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