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Townsville property insurance losses estimate now $1.22 billion

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Industry losses on property insurance from Townsville’s summer flood, which began on Australia Day, have reached $1.22 billion, according to Swiss modeller Perils estimates.

The estimate is the highest flood-loss figure since Brisbane was deluged in 2011.

The estimates are based on collected insurance loss data and cover only property lines, not motor and other lines. In May, the independent provider of catastrophe insurance data had put the figure at $1.04 billion.

The Townsville floods were the result of a slow-moving monsoon system which brought exceptional rainfall to northern Queensland in late January through to February 10. The Bureau of Meteorology reported numerous sites recorded 10-day rainfall accumulations exceeding 2000mm.

“By combining the loss information with Perils’ market sums insured, damage degrees as a percentage of sums insured can be derived and correlated with the flood metrics. This enables users to validate vulnerability functions in probabilistic Cat models,” Perils says.

The Zurich-based modeller will publish another loss estimate for Townsville in February.