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The figure does not include losses from the likes of infrastructure, automobiles and business interruption. -
The year was characterised by several severe and costly thunderstorms.
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The performance continues an unbroken run of positive monthly returns in 2023.
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While it is too early to determine the total financial loss, the US Geological Survey believes there is a 64% likelihood it will reach into the billions of US dollars.
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The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.
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The insurer said it has received 19,000 claims from affected policyholders so far, with nearly 65% of these coming from customers in Queensland.
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In total there were seven international events that exceeded $1bn in 2023.
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The broker said global cat rates rose 3% in the 1 January reinsurance renewals.
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The broker’s 1st View report predicted that cat bond issuance should remain elevated until at least Q2 2024.
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Tsunami warnings were initially issued following the earthquake but were subsequently downgraded.
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The ICA escalated the event from a ‘significant event’ to an 'insurance catastrophe', reflecting the escalating severity of the situation.
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The broker has reported that Storm Zoltan is set to become the second-highest wind-related insured loss event in Europe in 2023 after Storm Ciarán.
