NZ counts cost after latest storm barrage
Claims are rolling in to New Zealand insurers after floods and damaging wind hit a wide area just weeks on from a similar severe storm.
AMI, State and NZI EGM of claims Stephannie Ferris says more than 1800 claims had been received across home, contents, motor and commercial policies as of 8am local time today.
“In a number of regions, heavy rain has prompted dangerous landslips and major flooding has displaced families and significantly damages homes,” she told insuranceNEWS.com.au.
In the Wellington region, much of the damage is minor, bringing claims for fencing, some flooding and roof damage.
Tower CEO Paul Johnston said yesterday that before the latest storms the insurer had recorded three “large events” in the first four months of its fiscal year, costing an estimated $NZ12.1 million ($10.3 million).
“Claims from the stormy weather across New Zealand over the past few days are still being assessed and, at this early stage, Tower expects costs to exceed its $NZ2 million ($1.7 million) large event threshold,” he told the annual general meeting.
The other large events were an October windstorm, the November Timaru hailstorm, and the late-January nationwide storm.
The Insurance Council of New Zealand says it will take time to confirm the extent of claims from flooding, wind damage and slips.
“A picture of the impacts is still emerging as people assess damage and lodge claims, so it’s not yet possible to determine the overall scale of this latest severe weather event from an insurance perspective,” a spokesperson told insuranceNEWS.com.au.
“Initial reports suggest the system has affected a broad area across parts of the North Island and the eastern South Island, but it is not yet clear whether claims volumes will approach the scale of the January event, which was more concentrated in the upper North Island.”
The MetService said on Monday that Gisborne, Taupo, Waiouru, Wellington, Whanganui and Kaikoura had already exceeded typical February rainfalls. Mt Kaukau and Wellington airport recorded wind speeds of 193km/h and 128 km/h – the strongest since 2013.
ICNZ says the repeated events show New Zealand is experiencing increasingly frequent and intense weather hazards.
“That underlines the importance of progressing the government’s National Adaptation Framework and turning it into practical action to reduce risk, strengthen resilience and better protect communities over the long term,” the spokesperson said.