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Reports said at least 641 people have died and thousands are injured, with damage to 1,500 buildings. -
Early evidence is leading the (re)insurance market to hope the storm can avoid the development curve of its 2017 predecessor Hurricane Irma.
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More rain is forecast for Auckland, with three 'heavy rain warning – red' notices issued today.
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The intermediary tallied $360bn in economic losses worldwide.
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Mayor Wayne Brown said infrastructure and emergency services had been overwhelmed by the storm’s impact.
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The firm’s flood solution will be available to layer on top of existing parametric hurricane wind policies.
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The loss aggregator pegged the loss figure at A$791mn in its initial claim estimate.
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The broker found that the insured-loss figure for 2022 was nearly 60% higher than the annual average over the 21st century.
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Total economic losses are likely to be between $5bn and $7bn.
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The 17% uplift in its retention comes as reinsurers push for higher attachments.
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The regulator examined carriers’ ability to model nat-cat and cyber events, with mixed results.
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The non-profit initiative will broaden to include cyber and casualty after successful tests on property reinsurance placements.
