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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.
The Insurance Council of Australia said the hailstorm that hit Sydney and parts of New South Wales in December 2018 caused more than $670 million Australia ($478 million) worth of damage, News.com.au reported citing Australian Associated Press. Many homes and businesses suffered damage to roofs, awnings and solar panels, with more than 81,000 claims being lodged so far.