Narelle’s dual declaration raises event definition questions
ARPC declared two separate events for Tropical Cyclone Narelle under the pool’s legislative framework – Narelle, for which no loss data has yet been received, and Narelle 2, which carries an estimated $109 million in losses. Together, the two declarations account for approximately $113.3 million, or roughly 42% of the season’s total estimated losses. The dual declaration reflects the system’s path: Narelle tracked across multiple regions over an extended period, with ARPC determining that the two declarations corresponded to distinct phases of one underlying weather system. For insurers participating in the pool, the treatment of a single meteorological event as two declared events has direct implications for how retentions are applied and how claims are aggregated across the affected period.