Insured losses from October floods estimated at $597 million

Swiss catastrophe data provider Perils AG has raised its insured loss estimate for the severe flooding that affected parts of southeastern Australia in October 2022, to $840 million Australian ($597 million), up 6% from its previous estimate in December 2022, Artemis reported. The estimate covers flooding that primarily affected the states of New South Wales, Victoria, and Tasmania. Insured losses due to floods in the country have reached more than AUD6 billion so far in 2022 alone.