Printed from BusinessInsurance.com

Insured losses from Sydney storm estimated at $460 million: Perils

Posted On: Jan. 31, 2019 8:42 AM CST

Insured losses from Sydney storm estimated at $460 million: Perils

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.