Swiss-based catastrophe data firm Perils has estimated the final insured loss total for last October’s floods in NSW, Victoria and Tasmania at $965 million.  

The firm’s outlook, which in April placed losses at $907 million, marked Victoria as the primary area of damage, with 84% of reported losses occurring in the state. About 12% of losses were reported in NSW.   

The Insurance Council of Australia says insurers have paid out $755 million, with about 82.7% of all claims completed.   

Perils says the floods were spurred by a series of low-pressure systems that connected with tropical air masses from the north, causing prolonged storms and heavy rain across Southeast Australia between October 12 and 28.   

Perils CEO Luzi Hitz says despite the recent onset of El Nino decreasing flood risk for most parts of Australia, the industry should ensure it is ready for future flood events.  

“The release of this final loss report is a timely reminder of the devastating flooding that has occurred across many regions in Australia during the recent La Nina phase,” Mr Hitz said.  

“There is now a wealth of Perils Australia flood loss data available which presents a real opportunity for the insurance industry to continue to improve its understanding of flood risk.”  

The report is Mr Hitz’s final release before he steps down from his position. He will be replaced by Christoph Oehy.