Losses from New Zealand’s Cyclone Gabrielle and North Island floods have risen to a combined $NZ4.013 billion ($3.71 billion), based on the latest update from Swiss catastrophe data firm Perils.

Gabrielle losses have increased to $NZ2.018 billion ($1.87 billion) in the Zurich-based company’s third loss estimate. That’s up from $NZ1.925 billion ($1.781 billion) three months after the event. 

Gabrielle caused a swathe of damage from February 11-17 and occurred less than two weeks after the North Island floods, which Perils estimated earlier this month caused an industry loss of $NZ1.995 billion ($1.846 billion).

Perils Asia-Pacific Head Darryl Pidcock says the total loss highlights the extraordinary scale of the two events occurring so close to each other.

According to the Insurance Council of New Zealand, the largest industry loss on record from a weather event in the country before this year was $NZ171 million ($158 million), he says.

“The last six months have been very challenging for policyholders and insurers given two such large events impacting the North Island,” he said.

“We hope the availability of our detailed loss and exposure data can support the industry’s efforts to better understand atmospherical risks as it works closely with policyholders, communities, and government in the recovery of the affected areas.”

With a very low central pressure and an extensive width, Cyclone Gabrielle affected almost all of the North Island and its impact was heightened by torrential rains falling on ground still saturated from the January 27-February 2 floods.

Strong winds, storm surge and high tides amplified the catastrophe, which saw wind damage, severe flooding, coastal inundation and many landslides damaging property and critical infrastructure. The event caused 11 fatalities.

Perils says personal lines property represents 54% of the Gabrielle total industry losses and commercial lines property 46%.

In line with the Perils reporting schedule, an updated loss estimate from Cyclone Gabrielle will be made available on February 17, 12 months after the event end date. An update for the North Island floods will be released on February 2.