Perils pegs Cyclone Alfred initial loss estimate at A$2.57 billion

By Michael Jones

April 23 - (The Insurer) - Loss aggregator Perils has issued an initial industry loss estimate of A$2.57 billion ($1.65 billion) for Cyclone Alfred, which affected the Australian states of Queensland and New South Wales between February 28 and March 12, 2025.

The loss number covers the property and motor hull lines of business, with an updated market loss estimate to be issued three months after the event end date.

Cyclone Alfred caused losses through a mix of wind and protracted heavy rain-related damage. This included a high volume of food spoilage claims due to power outages, water ingress, as well as storm surge property damage and some flood-related issues, Perils said.

The cyclone left 300,000 homes and businesses without power and caused severe damage to the beaches on the Gold Coast and Sunshine Coast.

Perils' head of Asia Pacific and cyber, Darryl Pidcock, said that Cyclone Alfred was the largest cyclone loss event on an as-if-today basis to impact the Australian insurance industry since Cyclone Tracy in 1974.