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Sydney hailstorm insured loss estimate rises: Perils

Posted On: Jun. 20, 2019 7:46 AM CST

Hail damage to cars in Australia

Perils AG has increased its estimate of property insured losses for a series of damaging hailstorms in Sydney and Queensland, Australia to AU$766 million ($527.0 million). 

The hailstorms, which affected the region in December, were initially estimated at AU$635 million on Jan. 31, and then at AU$633 million on March 20, the Zurich-based catastrophe loss data company said in a statement Thursday.

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 Dec. 20.