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

 


2013 Second Most Expensive Year On Record For Weather Damage

2013 Second Most Expensive Year On Record For Insured Weather Damage

2013 will prove to be one of the most expensive years for weather-related damage with over $174 million of insured costs arising from weather-related events.

“Last year was one of the most costly years for weather losses since the Insurance Council started tracking these losses on a regular basis back in 1968, the year of the Wahine disaster,” said Mr Tim Grafton, Chief Executive of the Insurance Council of New Zealand.

“This further reinforces the value of insurance in safeguarding New Zealand by being able to meet costs of this scale,” he said.

The cost of insured damage in 2013 was exceeded only by 2004 when there was $181 million worth of insured damage (inflation adjusted as at 2011). 1984 was another expensive year with $155 million worth of insured damage.

The storm that wreaked the most havoc in 2013 was the one that hit 11-12 September with $74.5 million of insured losses making that alone the third most expensive storm event in the past 45 years. This was the storm that saw considerable damage to irrigators in Canterbury. Not surprisingly commercial losses from that storm were significant with $42 million damage to commercial property and a further $3.1 million in business interruption payments. Domestic-related losses amounted to $ 18 million and damage to motor vehicles amounted to $9.5 million.

Other damaging storms occurred in April 2013 when $46.2 million of insured damage was done and in June when $39.3 million worth of insured losses.

“The Insurance Council’s members’ losses for 2013 stands at $174 million, but we are still awaiting final figures for the 14-16 October storm where losses provisionally stand at $10.2 million,” said Mr Grafton.

“Climate change scenarios point to higher levels of rain in parts of the country already prone to flooding and for stronger winds from the west. This underlines the need for New Zealand to focus on pre-disaster mitigation and adaptation strategies to minimise economic losses and social disruption,” he said.

The Insurance Council was established in 1895 and has 29 members which write the majority of New Zealand’s general insurance business. Members currently protect approximately $0.55 trillion of New Zealanders’ assets and in 2012 paid $2.2 billion in claims.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

BusinessDesk: APN's NZME Sees Future In Paywalls, Growth In Digital Sales

APN News & Media has touted a single newsroom concept for its NZME unit in New Zealand, similar to what Germany's Die Welt uses, saying an 'integrated sales proposition' is helping it win market share, including ... More>>

Labour Party: Global Milk Prices Now Lowest In 6 Years

The latest fall in the global dairy price has brought it to the lowest level in six years and shows there must be meaningful action in tomorrow’s Budget to diversify the economy, says Labour’s Finance spokesperson Grant Robertson. “Dairy prices ... More>>

BusinessDesk: NZ Inflation Expectations Creep Higher In June Survey

May 19 (BusinessDesk) - New Zealand businesses lifted their expectations for inflation over the next two years, sapping any immediate pressure on the Reserve Bank to cut interest rates, and prompting the kiwi dollar to jump higher. More>>

BusinessDesk: Lower Fuel Costs Drive Down NZ Producer Input, Output Prices

May 19 - Producer input and output prices fell in the first quarter, mainly reflecting lower fuel costs and weakness in prices of meat and dairy products. More>>

Media: Fairfax Media NZ Announces Senior Editorial Team

Fairfax Media New Zealand has today confirmed its new editorial leadership team, as part of a transformation of its newsrooms aimed at enhancing local and national journalism across digital and print. More>>

Science: Flavonoids Reduce Cold And Cough Risk

Flavonoids reduce cold and cough risk Research from the University of Auckland shows eating flavonoids – found in green tea, apples, blueberries, cocoa, red wine and onions – can significantly reduce the risk of catching colds and coughs. The research, ... More>>


BusinessDesk: RBNZ House Alert Speech The Catalyst For Government Action

Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly ... More>>

BusinessDesk: How To Fall Foul Of The New Housing Tax Rules: Tips From IRD

Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability.More>>

Legal: Superdiversity Law, Policy And Business Stocktake Announced

Mai Chen, Managing Partner at Chen Palmer New Zealand Public and Employment Law Specialists and Adjunct Professor of Law at the University of Auckland, today announced the establishment ... More>>

Housing: More House Price Gains Expected

House price expectations remain high, with a net 56% of respondents expecting house prices will increase. Fears of higher interest rates are fading, consistent with the RBNZ’s signals this year. Affordability and a lack of houses for ... More>>

TDDA: State-Of-The-Art Drug Testing Laboratory To Open In Auckland

World leading drug testing agencies, The Drug Detection Agency (TDDA) and Omega Laboratories, open New Zealand laboratory More>>

Network: Bigpipe Launches Ultra-Fast Broadband Into Wellington

Bigpipe Launches Ultra-Fast Broadband into Wellington Naked broadband provider Bigpipe has extended its national reach, announcing today, the launch of its unlimited UFB offering into Wellington. The Spark Venture business is giving Wellingtonians the ... More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news