Townsville property loss estimate

PERILS, the independent Zurich-based organisation providing industry-wide catastrophe insurance data, has disclosed its third property loss estimate for the flood event which affected orthern Queensland, Australia, and particularly the city of Townsville, between 26 January and 10 February 2019.

The revised estimate of the property insurance market loss is AUD 1’217m. This compares to the second loss estimate of AUD 1’041 million which was issued by PERILS on 10 May 2019, three months after the event. In line with the PERILS event definition, the PERILS loss number covers the Property line of business only. Losses from Motor and other lines of business are not included.

Prime Minister Scott Morrison was in Townsville this month and said that his team had been working closely with the local community to support the recovery and clean up in the six months since the devastating monsoon flood.

“We all knew this would be tough but we’re committed to being here for North Queenslanders every step of the way in the recovery,” the Prime Minister said.

“From the immediate disaster recovery support to the mental health support and infrastructure grants and loans to this funding to combat prickly acacia, this is about ensuring we have a long-term reconstruction plan in place.”

Minister for Natural Disaster and Emergency Management David Littleproud said with more than $3.3 billion committed to help with the North Queensland flood recovery on the table there had been a steady take-up in the loans and grants on offer.

“This is an investment in hard-working Queenslanders,” Minister Littleproud said. “We’ve already approved $100 million in grants and loans for people who are ready to rebuild. We’ve put a lot of money on the table because we know there’s no quick fix and we’re in it for the long-haul.”

Darryl Pidcock, Head of PERILS Asia-Pacific, commented: “The Townsville flood was a devastating event for the region and community rebuilding efforts continue. We hope that by providing this type of loss information to the market it enhances the understanding of flood risk in the region, enabling improvement in flood risk management and protection going forward.”

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