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Storms Cost Insurers NZ$203.9 Million In 2018

New Zealand’s wild weather led to insurance pay-outs totalling NZ$203.9 million in 2018.

29 October 2021

This was made up of a massive 27,000 claims, data from the Insurance Council shows.

“These events are frequent reminders of the impacts climate change are having on our country,” says Insurance Council chief executive Tim Grafton in a press release.

“By addressing these risks and doing something about them now, we can help keep insurance accessible for the everyday New Zealanders it benefits the most.”


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The big-hitters:

· The final figures from Cyclone Fehi, which hit in early February, show that storm alone cost a total of NZ$45.9 million across 3,750 claims.

· Cyclone Gita, in late February, cost NZ$35.6 million across 4,694 claims.

· And the 27-29 April storms, which saw severe flooding and a state of emergency declared in Rotorua, have cost NZ$16.1 million across 1,475 claims so far.

The figures do not include May or June, or the recent flooding in Gisborne.

In 2017, insurers settled 70,000 claims totalling $2.55 billion for the Kaikoura earthquake, extreme weather events, and outlying Canterbury claims.

First published 29 June, 2018.

JUNO does not contain financial advice as defined by the Financial Advisers Act 2008. Consult a suitably qualified financial adviser before making investment decisions. This story reflects the views of the contributor only. Content comes from sources that JUNO considers accurate, but we do not guarantee that the content is accurate.

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