Catastrophe data company Perils has revised its loss estimate for the October Southeast Australia floods to $907 million.

The figure compares to a $791 million estimate in Perils’ first loss report six weeks after the event, and an estimate of $840 million three months after the flooding.

Storms and extensive rainfall caused the riverine and pluvial floods, mainly in the Murray Darling Basin in Victoria and NSW. Tasmania was also affected by the October event, which followed the record-breaking floods in eastern Australia earlier in the year.

“In contrast to the March event, the October floods primarily impacted rural regions with comparably lower value concentrations,” Perils Asia Pacific Head Darryl Pidcock said.

“The extent of the affected area was however very large, impacting many towns across several states and causing extensive damage over a wide geographic area.”

Peril’s third loss report provides a breakdown of property and motor losses by postcode with the data further divided by residential and commercial lines and split into buildings, contents and business interruption losses, where available.

“With the release of this detailed industry loss footprint, we believe it provides an opportunity for the insurance industry to better understand flood risks in the impacted regional communities,” Mr Pidcock said. 

An updated estimate will be released on October 28, one year after the event end date.