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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. -
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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A state of emergency has been declared in the country for only the third time in its history.
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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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The ratings agency noted that, while most of the insured losses stemming from the earthquake will be covered by reinsurance, the amount ceded will be much lower than the estimated economic losses.
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The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year.
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Falcon 2019-1 Aircraft 3, an entity managed by Dubai Aerospace Enterprise, is suing its contingent war insurers for $43.4mn but, if that fails, is also suing its all-risk insurers for the same amount.
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The lessor is looking to recoup the value of a B777-300ER aircraft, which is still in Russia.
