I'm not that hot on fruit trees but here's my thoughts..
The cause could be frost damage but I'd suspect irregular watering - drought & flood causing growth spurts pushing the bark apart. I may well be wrong, but it would fit given the way the weather has been for the last few years.
Treatment. I'd use secateurs to trim back the peeled bark. This should stop it peeling further, with luck. Get some tree wax and paint the wound paying attention to the edges where disease could get under the remaining bark.
I had a young fruit tree that the cats used as a scratching post, badly damaging the bark. Used the tree wax method and it recovered well.
Tree wax link
