Catastrophe data group Perils has lowered its loss estimate for Cyclone Alfred by 12% to $2.25 billion, partly reflecting the volume of food spoilage claims.

Head of Asia-Pacific and cyber Darryl Pidcock says the number of claims has remained stable since an initial loss estimate, but the average amount has reduced from $16,000 to $14,000. 

“Compared with other storm and flood events, this average claim amount is comparatively low, reflecting, in part, the relatively high proportion of food spoilage claims caused by extended power outages,” he said.

“Although wind damage was not a major loss contributor as wind gusts reduced substantially upon Alfred making landfall, heavy and persistent rainfall caused considerable damage, albeit not at the levels initially expected.”

Alfred, which affected Queensland and NSW from February 28 to March 12, reached category 4 intensity as it moved south but had weakened by the time it crossed the coast near Brisbane.

It left more than 300,000 homes and businesses without power and caused severe damage to Gold Coast and Sunshine Coast beaches. There was one death, and major disruptions to transport and closure of schools.

A third report to be released by Perils on September 12 will include a detailed breakdown of losses by postcode, line of business and coverage.