Perils raises insured cyclone loss estimate to $1.2 billion

Perils AG has increased its insured and reinsured loss estimates for Cyclone Gabrielle, which impacted the North Island of New Zealand Feb. 11-17, by nearly 5% to $2.02 billion New Zealand ($1.2 billion), Asia Insurance Review reported. The figure includes commercial lines property losses which represent 46% and personal lines property losses which represent the rest.