Claims experience supports soft conditions
Gallagher reports that, despite notable spring weather events, New Zealand’s aggregate claims volumes and values remain below longer-term expectations in several classes. This is broadly consistent with global experience. From the first to the third quarter of 2025, global natural catastrophe insured losses were about US$105 billion, the lowest level since 2019 and below the 10-year rolling average of US$114 billion for the same period. This figure includes the California wildfires early in the year, which alone generated an estimated US$40 billion of insured losses, and reflects quieter-than-forecast tropical cyclone activity in the Atlantic and Pacific.