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Flood claims hit Kiwi insurers

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Wild weather and flooding in March resulted in insured losses of more than $NZ30 million ($28.56 million), according to the Insurance Council of New Zealand (ICNZ).

Hundreds of people were evacuated after 350mm of rain fell in 24 hours, causing the West Coast’s Waiho River to burst its banks.

Strong winds brought down trees and power cables in other parts of the country.

“While the extreme weather was widespread throughout both islands over March 23 and 24, a large proportion of the damage was narrowly focused, with a Franz Josef hotel being hardest hit, which goes to show large losses don’t just happen in built up urban areas,” ICNZ CEO Tim Grafton said.

“Events like this just underline the importance insurance plays when disaster strikes.”

There were 687 domestic claims totalling $NZ2.2 million ($2.09 million), 171 commercial material damage claims leading to losses of $NZ26.7 million ($25.42 million) and six business interruption claims totalling $NZ838,370 ($798,113).

There were also 77 motor vehicle claims valued at $NZ316,205 ($301,021).