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

 


2014 Insured Storm Damage Nears $77 Million

2014 Insured Storm Damage Nears $77 Million


Insured storm damage for the first half of 2014 is almost $77 million, according to the Insurance Council of New Zealand.

ICNZ today announced that the finalised insured cost of damage from the storm that hit Canterbury and the lower North Island on 4-5 March 2014 was $22.5 million, taking the total storm-related insured payouts for the first six months of the year to $76.9 million.

The majority of claims for the 4-5 March storm that caused serious flooding throughout Christchurch was in Canterbury, where insurers settled over 4,000 claims paying out $21.6 million - including $15.2 million in domestic claims and $3 million in commercial material damage for the region.

“Insurers have this year paid out $76.9 million settling more than 15,800 weather-related damage claims which highlights the role insurance plays in responding to claims and helping New Zealanders to get back on their feet after major storms and extreme weather events,” says ICNZ Chief Executive Tim Grafton.

In 2013 more than $174 million was paid out in weather-related damage claims, making it the second most costly year for insured weather losses since the Insurance Council started tracking these losses on a regular basis back in 1968.
2014 Weather-related Event Date $ Million
Easter Weekend Storm and Floods 17-Apr 2014 45.6
Cyclone Lusi 15-16 Mar 2014 4
Canterbury and Lower North Island Storm 4-5 Mar 2014 22.5
Canterbury Storm 23-Feb 2014 4.8
76.9

ENDS


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Quotas: MPI Swoop On Suspected Fraudulent Fishing Activity

Ministry for Primary Industries (MPI) compliance officers swooped on a Hawkes Bay fishing enterprise today to secure evidence in an investigation into suspected fraudulent activity... “The investigation involves activity throughout the commercial supply chain – catching, landing, processing and exporting.” More>>

ALSO:

Scoop Business: Fonterra Slashes 2015 Milk Payout, Earnings Tumble 76%

Fonterra Cooperative Group cut its forecast 2015 milk price payout by about 12 percent, citing weaker global dairy prices and said there is a risk of further declines given strong global milk production. More>>

ALSO:

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news