New Zealand nat cat events may harm property insurers' profit

According to U.K.-based GlobalData PLC, property insurers in New Zealand will see a severe impact on their profitability due to the massive damage caused by Cyclone Gabrielle and the Auckland floods, with insured losses expected to cost over $1 billion, Reinsurance News reported. The events may drive up the loss ratio significantly for the property insurance line to 156.5% in the financial year ending June 30 from 74% in 2021.