Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Largest insurer impacted by adverse weather

IAG New Zealand Limited
18 February 2004

FOR IMMEDIATE RELEASE
MEDIA RELEASE

Largest insurer impacted by adverse weather

The country’s largest general insurer, IAG New Zealand, said it expects to have a clearer picture of property damage costs by the end of the week as it mobilises itself for further inclement weather in the central and lower North Island.

The insurer, which is better known through its insurance brands of State and NZI, said claims enquiries were up by 30% and it already had more than 1,000 separate claims under management as a direct result of the storms.

Chief Executive David Smith said the weather was stretching resources on the ground and through its call centres, but extra help had been brought in to manage the work. “The challenge is actually getting our people into properties to assess damage. Like those impacted by the evacuations we’re only now getting access in many cases,” said Mr Smith.

Mr Smith said IAG NZ staff were working around the clock and had been busy prioritising claims and helping people into temporary accommodation since the weekend. “Customers’ health and safety was always the first priority in these events,” he said.

The majority of damage to date related to wet carpet in flooded houses, submerged motor vehicles, and commercial claims, Mr Smith said. He expected business interruption to be a factor for small commercial businesses going forward, particularly in the farming community.

Mr Smith said State customers affected can contact 0800 80 24 24 for help if they haven’t already. NZI customers impacted should call 0800 800 800.

“Obviously this sort of weather is totally unexpected in February and is traditionally the sort of seasonal activity you’d expect in the middle of winter,” said Mr Smith.

Mr Smith said flooding was still the most significant cause of claims disasters in New Zealand attributing for more than 65% of all weather related claims. “Unfortunately, this situation is only likely to be exacerbated further by global warming and climate change,” he said.


-Ends-

About IAG New Zealand

IAG New Zealand Limited is a wholly owned subsidiary of Insurance Australia Group (IAG) Australasia’s largest general insurer. In New Zealand it trades under the State and NZI insurance brands and underwrites general insurance business for some of the country’s leading financial institutions. It has approximately 40% share of the general insurance market and manages 2.5 million policies on behalf of more than 1 million New Zealanders.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Elsewhere:


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>