Home / Local / Perils estimates February storm losses at $794 million
6 April 2020
An east coast low which hit Queensland and NSW in February caused property losses of $794 million, catastrophe data company Perils says.
Storms and flooding were triggered by a low pressure trough, which drew in moisture from a warmer-than-usual Tasman Sea, particularly near Sydney.
“With a combination of heavy rainfall, strong wind gusts and storm surge, considerable insurance losses were experienced,” Perils Asia-Pacific Head Darryl Pidcock said.
The February 5-13 event caused the third-largest Australian east coast low insurance losses in three decades, and followed bushfire and hailstorm catastrophes over summer.
An east coast low in June 2007 caused losses of $2.4 billion, using adjusted figures, while a similar event in April 2015 cost insurers an estimated $1.2 billion, the data group says.
Perils will update its east coast low loss estimate on May 13.