An update to Australia’s earthquake hazard model has more than halved both the number and annual rate of damaging events the country’s east is thought to suffer, and may lead to a significant reduction in insurance loss estimates.

Geoscience Australia’s seismic model update – including changes to magnitude measurements – counts 50% fewer earthquakes on the east coast above magnitude 4.5 or 5 since 1900, according to catastrophe modeller Risk Frontiers.

The revision means a greater number of small and moderate quakes have been recorded.

Nationwide, the largest modelling reductions have occurred in Perth and the fewest in Darwin, Risk Frontiers says.