PERILS PEGS SYDNEY HAILSTORM LOSSES AT A$635M

The hailstorms that battered the greater Sydney region on December 20, 2018 will cost property insurers A$635m ($461.6m), according to loss aggregator Perils. The initial loss estimate also includes the losses from the storm activity in south-eastern Queensland on 21 and 22 December 2018. The vast majority of the losses occurred in the Sydney area. The estimate covers the property line of business only. Motor and other lines are not included. The hailstorms were part of a convective storm system that affected Sydney and surrounding regions in New South Wales, which started in the late afternoon of December 20.