Zurich - 30 Mar 2023
PERILS has today disclosed its initial industry loss estimate for Cyclone Gabrielle which affected the North Island of New Zealand during the period of 11 to 17 February 2023.
PERILS’ initial estimate of the insured market loss, based on loss data collected from the majority of the New Zealand insurance market, is NZD 1,543 million. In line with the PERILS coverage definition for New Zealand, this loss number covers the property line of business.