Email: Password:
Forgot Password

News Archive

Back to List Back to list
Previous Article Next Article

Storms produce record year

12 Sep 2017

Several days of bad weather in July left insurers with a $31 million damage bill, and made this the most expensive year for weather events, according to the Insurance Council of New Zealand.

Nationwide snow, rain and wind on July 12-14 cost insurers $10.3 million, followed by flooding from July 20-22, costing $20.9 million.

CEO Tim Grafton says, in terms of costs, this year has surpassed 1968 – year of the Wahine shipping disaster and associated storms. Provisional data shows nearly 3600 house and contents claims costing more than $16 million, 843 commercial claims at $11 million and 426 motor vehicle claims at $2.7 million.

Meanwhile, Vero customers who suffered severe flood damage in Edgecumbe in April began returning to their homes last week.

Vero received more than 1000 claims across New Zealand due to Cyclone Debbie, at a cost of $20 million, including about 130 claims in Edgecumbe.

It has paid about $7 million in Edgecumbe claims.

EGM Claims Jimmy Higgins says Vero is confident all its customers will return to their homes before Christmas.

 - insuranceNEWS

Previous Article Next Article


Professional IQ

Professional IQ College

Workshops, Online courses, webinars and Qualifications. For upcoming events         click here

Latest Papers:

Closing the Gap - Insuring your business against evolving cyber threats

iNavigator iNavigator Media Center
Provides access to a wide range of industry related media resources

Covernote Cover Note
IBANZ quarterly magazine for the latest on the intermediated insurance market.

Gary's Blog Gary's Blog
Comment on current issues.

© Copyright IBANZ, all rights reserved. Private information collected for this website is governed by our Privacy Policy. Read our Terms & Conditions
Powered by streamSWEET CMS