Catastrophe insurance data analyst Perils has revised its loss estimate for the South East Queensland hailstorms on 31st October to £725m, up from the £685m estimated in December.
The thunderstorms impacted the surrounding areas of Brisbane, the Gold Coast and the Sunshine Coast. Hailstones were recorded with diameters of up to 14cm.
The estimate includes property and motor losses. Perils will release a further update on 3rd May detailing property losses for individual post code areas and lines of business.
Financial institutions were early adopters of cyber security and insurance. Are they still on top of the game?
Managing huge amounts of sensitive data online makes financial institutions a prime target for hackers. As such, the sector was an early cohort for insurers in creating cyber cover. Since then, the market has evolved almost beyond recognition. It continues to challenge itself to this day, complying with rigorous regulatory demands and implementing avant-garde enhancements to keep abreast of the ever-changing risks. Published June 2021
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