Insured loss estimate for Cyclone Debbie rises to $1.32 billion

Floodwaters in Queensland after Cyclone Debbie

Perils A.G. has increased its estimate of insured property losses for Tropical Cyclone Debbie to AU$1.66 billion ($1.32 billion).

The storm caused significant wind and flood damage across the Australian states of Queensland and New South Wales in late March and early April, according to a statement issued Thursday by the Zurich-based catastrophe loss data company. Storm surge was moderate, but rainfall was exceptional and led to surface water and river flooding that affected many communities, according to Perils.

The estimate of insured property losses for Debbie rose from the estimate of AU$1.41 billion issued in June 2017.

This is the first time that a market loss footprint from an Australian catastrophe event, based on collected insurance loss data, is available at a postal code level and by property line of business, according to the company.

“We are very happy to be able to make available loss data for Tropical Cyclone Debbie at such a granular level, particularly given the significance of this event for the Australian insurance market,” Darryl Pidcock, head of Perils Asia-Pacific, said in the statement.

An updated loss estimate for Debbie will be published on March 28, 2018, Perils said.