Perils
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The event occurred a fortnight after major North Island flooding in New Zealand.
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There were 10 fatalities, mostly due to drowning or tree fall accidents.
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The figure represents a 26% increase on the previous estimate.
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The final estimate is a 12% increase on an August tally of NZ$1.99bn.
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As a result of mostly flooding, £467mn of losses occurred in the UK.
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France “lead the tally by a significant margin”, followed by the UK, Belgium and the Netherlands, Perils said.
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The final report said the majority of the losses occurred on Kyushu Island with 74% of the total industry loss.
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The floods struck New Zealand’s North Island between 27 January and 2 February 2023.
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Christoph Oehy will replace Luzi Hitz in November 2023.
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Perils increased the loss estimate by 25% due to a significant increase in average claim size across residential and commercial property lines.
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The devastating quake left more than 50,000 dead and destroyed 160,000 buildings in Turkey.
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The flooding resulted in the costliest weather event for New Zealand’s insurance industry to date.
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The addition of Japan increases the number of territories covered by Perils to 21.
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European storms have inflicted heavy claims on insurers in recent years.
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The nat cat loss aggregator said the Q1 event was the “largest flood loss on record” for the Australian insurance industry.
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Property losses contributed 88% of the total industry loss total, while 12% were due to motor lines of business.
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Arwen knocked out power for around a million UK homes.
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Hailstones of up to 14 cm in diameter inflicted major damage on cars and property in the state.
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The initial loss figure was A$1.23bn, with a second report putting the loss at around A$1.3bn.
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Property losses make up 96% of claims.
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The last loss tally was 1.7% ahead of an August 2020 estimate for the storm, which exacerbated floods caused by EUR1.57bn event Ciara.
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The loss estimate for the February 2020 event is up 3% on an August assessment.
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The final loss estimate fell by 2.5% as Perils said similar-sized losses could recur every three years.
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The event was the third Australian hailstorm event of 2020 reported by the data aggregator.
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