Zurich catastrophe data company Perils has estimated property and motor insurance losses from October’s “Halloween” hailstorms in Queensland at $1.3 billion.

This second estimate from Perils is up from its December estimate of $1.23 billion.

During the afternoon of October 31, severe thunderstorms with large hail struck surrounding areas of Brisbane, the Gold Coast and the Sunshine Coast.

Hail up to 14cm in diameter was recorded in some suburbs during the storm, which was the first catastrophe declaration for the 2020/21 natural disaster season.

“This was an extreme event for the region given the very large size of the hail and the extensive damage caused,” Perils says.

The Insurance Council of Australia (ICA) told insuranceNEWS.com.au its latest figures show a total of 33,519 claims from the Halloween storms with a loss value so far of $805 million, made up of 16,012 property claims and 13,846 motor claims.

Perils says its new estimate is based on loss data collected from the majority of the Australian insurance market. It includes losses in the property and motor hull lines of business.

An updated estimate of the property market loss from the South East Queensland hailstorms, including a detailed footprint breaking down the industry loss into postcode area and lines of business, will be made available six months after the event on May 3.

The corridor from Amberley through to the northern suburbs of Logan near Brisbane was the area hardest hit by the event. There was also giant hail recorded in the Gympie area up to 7cm in diameter.