Losses

The impact of the cyclone, which battered New Zealand in February 2023, was worsened by previous bad weather on the North Island.

Most of the 708,255 claims relate to residential properties and arose from Lee County, Florida.

More than 40,000 claims have been made in relation to Cyclone Gabrelle.

The devastating quake left more than 50,000 dead and destroyed 160,000 buildings in Turkey.

The estimate is an increase on the figure released by Perils in December, which gauged the insured losses at 120bn yen.

Allstate disclosed a $211mn catastrophe loss in February based on nine separate events.

The flooding resulted in the costliest weather event for New Zealand’s insurance industry to date.

The amount of limit purchased by the California Earthquake Authority has stepped down over the past couple of years.

The loss aggregator raised the quantum from its third estimate of A$6,292mn, put out in early September.

According to the ICNZ, 48,000 claims have been lodged, with NZ$111mn of insurance claims paid so far.

The Florida insurer recognised a major increase in Ian losses in Q4, rendering its personal lines carrier insolvent.

The manager’s life & alternative credit segment invested in the reverse mortgage specialist.

More than 239,000 insurance claims relating to the event have been lodged, according to the ICA.

The biggest increases came from North American hurricane and earthquake coverage, where retentions rose from $350mn to $600mn.

The insured losses include those to private insurers as well as to the Turkish Catastrophe Insurance Pool.

The loss estimate rose from a previous figure of EUR3.7bn issued six months ago.

An influx of Gabrielle claims comes on top of more than 21,000 IAG already received due to the floods that struck Auckland in January.

The insured loss figure is higher than that estimated by Verisk, which said losses would exceed $1bn.

More than 140,000 homes are without power, while buildings and roads have been destroyed.

Almost 40,000 are feared dead following the disaster, and more than 1 million people have been left homeless.

The carrier has increased its full-year perils cost estimate to A$1.15bn.

The firm will exhaust its personal lines reinsurance coverage on the storm, pushing its personal lines carrier into insolvency, with commercial claims doubling.

New Zealand carrier Tower Limited said it is likely to purchase reinstatement cat reinsurance as it disclosed that losses from the Auckland and North Island flooding would trigger its A$934mn ($649mn) cat reinsurance coverage.

The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year.