Perils
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The event occurred a fortnight after major North Island flooding in New Zealand. -
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.
