Ex-Tropical Cyclone Alfred has triggered an estimated $2.57 billion in insured losses across Queensland and New South Wales, based on preliminary figures released by PERILS, the catastrophe data provider headquartered in Zurich.
The estimate, which reflects insured losses across property and motor vehicle sectors, was compiled from data reported by insurers impacted during the storm period between Feb. 28 and March 12. The estimate aligns with PERILS’ standard coverage parameters for Australia.
A follow-up loss assessment is scheduled for June 12, consistent with PERILS’ three-month reporting cycle following event end dates.
Alfred reached the Queensland coastline as a Category 1 system on March 7 after peaking offshore as a Category 4 cyclone.
Although wind intensity declined before landfall, the system brought significant moisture into southeast Queensland and northeast New South Wales, resulting in prolonged rainfall, flash flooding, and riverine inundation.
The storm knocked out power to more than 300,000 premises and disrupted key infrastructure, including air travel and education services. One fatality was recorded.
Darryl Pidcock, head of Asia Pacific & cyber at PERILS, said that Alfred is the first cyclone in over five decades to make landfall so far south in Queensland.
“It has been over 50 years since a cyclone travelled so far south to make landfall at the Gold Coast and its surrounding regions, the last cyclone being Wanda in 1974,” he said.
Damage was caused by a mix of high winds and heavy rainfall. Claims included those for storm surge, flooding, water intrusion, and food spoilage due to extended power outages.
“In some respects, this event has features similar to a severe convective storm with strong winds and intense rainfall, albeit over an extended period. In terms of historical loss events, Cyclone Alfred is the largest cyclone loss event on an as-if-today basis to impact the Australian insurance industry since Cyclone Tracy in 1974,” Pidcock said.
In a related update, the Insurance Council of Australia (ICA) reported over 95,000 insurance claims tied to Ex-Tropical Cyclone Alfred, with approximately $1 billion in insured losses recorded. Around 30% of those claims have been settled, while assessments continue on more complex structural and contents losses.
