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Cyclone Gabrielle damage triggers ARPC pool cover

Posted On: Feb. 16, 2023 9:55 AM CST

Alternative risk transfer

Tropical Cyclone Gabrielle, which recently hit New Zealand and caused massive destruction, has become the first such event to trigger Australian Reinsurance Pool Corp.’s cyclone cover, Reinsurance News reported. The cyclone is claimed to be one of the biggest weather events to hit the country in the past century, leading to severe flooding, landslides, and widespread power outages.