Insured losses from storms in Australia’s east in October will reach $1.51 billion, Swiss catastrophe data company Perils estimates.

And head of Asia-Pacific Darryl Pidcock says payouts from this and a separate episode of severe convective storm (SCS) activity in spring have passed $4 billion.

Insured risk is rising with the use of new cladding and roofing materials, plus more solar panels, he adds.

“These losses have the potential to grow further,” he said. "Hail, high winds, flying debris and overblown trees, coupled with super-intense precipitation, can act simultaneously and contribute to damage to properties and cars. Loss estimations for SCS events are therefore rather demanding.”

The severe convective storms hit Queensland, NSW and Victoria from late October into November.

The biggest impact was on October 26 in the Brisbane area, while a tornado brought destruction to the western suburbs of Melbourne.  

Another round of storms on October 31 and November 1 hit southeast Queensland and NSW. The impacts included hail-struck vehicles, smashed windows and solar panels, and roof damage.

The Insurance Council of Australia declared the storms a significant event and says there have been 35,500 claims.  

The Perils loss total covers property and motor hull lines of business. An initial December estimate put the bill at $1.11 billion. Another updated estimate will be made in April.