Perils estimates the January bushfires in Victoria cost insurers $860 million, up from its previous assessment of $786 million and initial calculation of $810 million.

Commercial properties accounted for 68% of the loss, personal properties 30% and motor 2%, according to the Swiss catastrophe data company’s latest review.

The January 7-13 fires were Victoria’s worst since the 2019-20 Black Summer. More than 400,000 hectares burnt in the state’s central and northern regions.

Perils says its loss data is based on detailed information by postcode and property and motor hull lines of business, further divided by residential and commercial lines. It says data was collected from most of the Australian insurance market.

“This is the second time – the first being the 2019 Black Summer – that Perils has reported on an Australian bushfire event at such a high level of detail,” Asia-Pacific head Darryl Pidcock said.

“While we have observed regular severe convective storm and flood events in recent years, it is a reminder of the impact bushfires can have during a dry and hot summer season.

“We believe these insights support the insurance industry in the better understanding and modelling of bushfire risk as it prepares for next summer.”

Perils will provide a fourth loss estimate on January 13.

Insurance Council of Australia data as of May had incurred losses at $581 million, with $172 million in outstanding claims. About 4760 claims have been lodged and the industry has closed 72.4%.