Zurich - 17 May 2023
PERILS has today disclosed its second industry loss estimate for Cyclone Gabrielle which affected the North Island of New Zealand during the period of 11 to 17 February 2023.
Based on claims data collected from affected insurance companies, PERILS’ second estimate of the insured market loss for Cyclone Gabrielle is NZD 1,925m. This figure compares to the initial loss estimate of NZD 1,543m which was issued by PERILS on 30 March 2023, six weeks after the event. The loss estimate covers the property lines of business.