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PERILS revises industry loss estimate for Eastern Australia flooding

June 9, 2022

PERILS says that its industry loss estimate for the Eastern Australia floods earlier this year now stands at AUD $4,895m.

It said that in line with its event definition, the loss number covers the property and motor hull lines of business. Earlier estimates of the cost had placed it at AUS $3,991m. PERILS said that a further estimate will be released in mid-September.

Darryl Pidcock, head of PERILS Asia-Pacific, commented: “The complexity and volume of claims caused by this weather event are presenting significant challenges to the insurance industry which is reflected in the increase in PERILS’ second loss estimate. A key driver is claims inflation due to rising labour and supply costs which has become a critical issue for the industry.”

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