Insured loss estimate for Australian hailstorms lowered: Perils

Perils AG has slightly decreased its estimate of property insured losses for a series of damaging hailstorms in Sydney and Queensland, Australia, to AU$633 million ($448.6 million). 

The hailstorms, which affected the region in December, were initially estimated at AU$635 million on Jan. 31, the Zurich-based catastrophe loss data company said in a statement on Wednesday.

The loss estimate covers the property line of business only, excluding auto and other lines of business, according to Perils.

An updated estimate of the market loss for the Sydney hailstorms will be made available on June 20.