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The council has appointed Deloitte to examine carriers’ performance during the crisis.
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Total economic losses came in well above average, driven by the earthquake in Turkey.
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High tornado activity at the end of the quarter is expected to add to the claims toll.
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The firm identified market inefficiencies in its analysis of loss data.
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The impact of the cyclone, which battered New Zealand in February 2023, was worsened by previous bad weather on the North Island.
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Most of the 708,255 claims relate to residential properties and arose from Lee County, Florida.
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More than 40,000 claims have been made in relation to Cyclone Gabrelle.
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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 estimate is an increase on the figure released by Perils in December, which gauged the insured losses at 120bn yen.
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Allstate disclosed a $211mn catastrophe loss in February based on nine separate events.
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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 amount of limit purchased by the California Earthquake Authority has stepped down over the past couple of years.