Perils
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The economic loss from the event was around EUR7.6bn. -
Losses were primarily driven by personal property lines.
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The firm has also updated the loss-calculation engines of existing Jeannie tools.
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The loss has decreased by 0.3% since the company’s third assessment.
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Six weeks after the storm, Perils released its first industry-loss estimate at EUR619mn.
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The storm made landfall in Queensland, Australia at the beginning of March.
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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.
