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

 


Storms in 2013 caused highest insurance costs since 2004

Wild weather in 2013 causes highest insurance costs in nine years

By Suze Metherell

Jan. 28 (BusinessDesk) – Damage from wild weather last year cost over $174 million in insured weather-related damages, making it the second most expensive year on record according to the Insurance Council of New Zealand.

September’s nationwide storm was the year’s biggest cause of damages, and the third most expensive storm in the past 45 years, causing $74.5 million of insured losses, the council said. Commercial property damages made up the bulk of the losses, costing $42 million and a further $3.1 million payment for business interruptions. Residential losses were $18 million and car damage was $9.5 million.

The April Bay of Plenty and Nelson storms and floods cost $46.2 million in insured losses, while the July and August Cook Strait earthquakes cost a combined $31.1 million. Provisional losses for the October storm stood at $10.2 million.

Last year’s costs are only trumped by 2004 insured damages of $181 million, inflation adjusted as at 2011.

Last year’s high costs “further reinforces the value of insurance in safeguarding New Zealand by being able to meet costs of this scale,” Insurance Council chief executive Tim Grafton said in the statement.

The council is made up of 29 members, including Tower, AA and IAG, who currently insure about $550 billion of New Zealand assets and paid out $2.2 billion in claims in 2012.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news