Perils estimates $1 billion insured loss from North Island floods

Swiss catastrophe data provider Perils AG estimates insured and reinsured property losses of $1.65 billion New Zealand ($1.02 billion) from the floods that battered the North Island of New Zealand from Jan. 27 to Feb. 2, Reinsurance News reported. The severe flooding, which affected a large number of insured properties, has become the costliest weather event for the region’s insurance industry to date. Many carriers in the region expect the flooding event to drive reinsurance recoveries.