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The Federal Government has commissioned an independent review into Australia's disaster funding arrangements, to ensure government investment in disaster funding is fit-for-purpose and effective in the face of increasingly frequent and more severe natural disasters.
Losses from the severe rainfall and floods that hit Auckland last week will be capped at NZ$50m ($32.4m), net of reinsurance cover, for the Brisbane-headquartered financial services group, Suncorp. The Group has a comprehensive reinsurance programme that provides protection for New Zealand losses.
Preliminary data totals across Asia Pacific showed an insured loss for 2022 from Nat CAT events at $11bn, according to Gallagher Re.
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In the Asia Pacific region, losses from natural disasters increased to approximately $70bn in 2022 with insured losses rising to around $10bn, according to global reinsurance giant Munich Re.