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Weather events cost NZ insurers $89 million so far

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Major storms in the first quarter of the 2018 have triggered claim payouts totalling $NZ93.5 million ($88.7 million), highlighting the industry’s key role helping communities recover.

Provisional data from the Insurance Council of New Zealand (ICNZ) shows Ex-Tropical Cyclone Gita caused insured losses of $NZ28.3 million ($26.9 million) from almost 4000 claims, with almost two-thirds for homes and contents.

January storms cost $NZ26.7 million ($25.3 million) and Cyclone Fehi, which hit in early February, generated losses of $NZ38.5 million ($36.9 million).

ICNZ CEO Tim Grafton says without these claims payments, “severe weather events and other natural disasters would cripple our communities”.

“After each of these severe storms, we’ve seen insurers getting out into communities paying out on policies, and giving people the assistance they need to repair and rebuild.”