Storms in NSW and Queensland last November cost insurers about $2.66 billion, Perils says in an initial estimate.

The estimate is for property and motor hull lines, and an update will be provided on February 27.

The Insurance Council of Australia declared the event – severe storms and hail from November 20-27 – a catastrophe. More than 58,000 claims had been received by last month, it said.

An earlier storm, from October 26 to November 2, was declared a significant event.

Perils head of Asia-Pacific and cyber Darryl Pidcock says the later event ranks among the five most severe convective storms of the past 60 years in Australia.

“This was a significantly more destructive event than the October storms, with hailstones the size of tennis balls or larger in some Brisbane suburbs causing substantial damage to roofs, facade claddings, solar panels and motor vehicles,” he said.

“While there are differing views on whether there is an increase in the frequency of Australian multibillion-dollar severe convective storm events, to provide some factual context, on a normalised as-if-today basis, Australia has already experienced five SCS events with industry losses exceeding $1 billion in the current decade, compared with three in the previous decade, none between 2000 and 2009, and two between 1990 and 1999.”