Cyclone Gabrielle: final estimate of insured losses

The fourth and final estimate released by research firm PERILS suggests that Cyclone Gabrielle in New Zealand may result in insured losses worth 2.174 billion NZD (1.3 billion USD). This cost was estimated at 2.018 billion NZD (1.2 billion USD) in August 2023.

Cyclone Gabrielle, which was accompanied by torrential rains and strong winds, swept across the north of the country from 11 to 17 February 2023.

The disaster occurred less than two weeks after the floods that cost the local insurance market 2.23 billion NZD (1.4 billion USD).

With a cumulative total of 4.404 billion NZD (2.7 billion USD), these are the most costly meteorological events ever recorded by the New Zealand insurance market.