Insurance industry lost NZ$1.93b to Cyclone Gabrielle: study

The cyclone, which hit last February, is estimated to cost NZ$1.93b.

Swiss insurance data firm Perils AG released its second estimation of New Zealand’s insurance industry losses caused by Cyclone Gabrielle.

Using claims data obtained from impacted insurance companies, the second estimate of the insured market loss caused by Cyclone Gabrielle amounted to NZ$1.93b (US$1.21b).

This updated figure contrasts with the initial loss estimate of NZ$1.54b (US$970m) that Perils previously announced, six weeks after the cyclone occurred. The loss estimate specifically encompasses the property lines of business.

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The cyclone, which occurred from 11 to 17 February 2023, resulted in intense rainfall and powerful winds affecting New Zealand's North Island.

An updated estimate of the market loss from Cyclone Gabrielle will be uploaded on 17 August 2023.

(NZ$1.00 = US$0.63)