Insured losses from Queensland floods reach $828 million: Perils

Perils AG has increased its estimate of insured property losses for a flood event in northern Queensland, Australia, to AU$1.22 billion ($827.9 million). 

The insured loss estimate for the flooding, much of which occurred in the city of Townsville between Jan. 26 and Feb. 10, increased from an estimate of AU$1.04 billion issued on May 10, the Zurich-based catastrophe loss data company said in a statement on Monday. That May estimate was an increase from an initial estimate of AU$957 million issued by Perils on March 15.

An updated estimate of the market loss will be made available on Feb. 10, 2020, 12 months after the event, Perils said in the statement.