The Townsville floods were among the most devastating catastrophes to hit Australia over the last decade – and the costs from the event just keeping getting higher.
Between January 26 and February 10 this year, flooding hit northern Queensland and the Townsville area in particular, devastating homes and businesses. Now in its latest property loss estimate, PERILS, the independent Zurich-based organisation that provides catastrophe insurance data, has placed the market loss total at AU$1.217 million – an increase from its earlier estimate of AU$1.041 million issued on May 10.
The flooding, which came as the result of a slow-moving monsoon system that brought about exceptional rainfall, saw the city of Townsville register the highest totals for consecutive days since records began back in 1888. It is also the highest flood loss figure since the Brisbane floods of 2011.
“The Townsville flood was a devastating event for the region and community rebuilding efforts continue,” said Darryl Pidcock, head of PERILS Asia-Pacific. “We remain grateful for the ongoing support of insurers, particularly as this report requires additional work to prepare the detailed loss information.”
Its report takes into account a market loss footprint based on collected insurance loss data and is complemented by flood and rain metrics from JBA Risk Management and Risk Frontiers. The loss number refers to the property line of business only – with motor and other business line losses not included.
A fourth loss estimate is scheduled for release on February 10, 2020 – 12 months after the event.
