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The biggest increases came from North American hurricane and earthquake coverage, where retentions rose from $350mn to $600mn. -
The insured losses include those to private insurers as well as to the Turkish Catastrophe Insurance Pool.
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The loss estimate rose from a previous figure of EUR3.7bn issued six months ago.
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An influx of Gabrielle claims comes on top of more than 21,000 IAG already received due to the floods that struck Auckland in January.
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The insured loss figure is higher than that estimated by Verisk, which said losses would exceed $1bn.
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As New Zealand has been hit by two major cat events in succession, Australian carrier Suncorp said the retained cost of any second declared event in the country will be NZ$25mn ($15.7mn).
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More than 140,000 homes are without power, while buildings and roads have been destroyed.
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Almost 40,000 are feared dead following the disaster, and more than 1 million people have been left homeless.
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The carrier has increased its full-year perils cost estimate to A$1.15bn.
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The firm will exhaust its personal lines reinsurance coverage on the storm, pushing its personal lines carrier into insolvency, with commercial claims doubling.
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New Zealand carrier Tower Limited said it is likely to purchase reinstatement cat reinsurance as it disclosed that losses from the Auckland and North Island flooding would trigger its A$934mn ($649mn) cat reinsurance coverage.
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The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year.
