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

 


Cost of Insured Damage From June Storm $30 Million

media release

29 July 2014

Cost of Insured Damage From June Storm $30 Million

The cost of insured damage from the June 2014 storm that brought down trees and power lines cutting power to over 80,000 residents was $30 million, taking the tally for the year to $107 million.

The Insurance Council of New Zealand today issued the provisional cost of insured damage for the 9-11 June storm that hit much of the Auckland region, East Coast of the North Island and caused surface flooding as far south as Marlborough and Canterbury.

“With insured damaged for the June storm at $30 million, the cost of insured damage from severe weather events in 2014 continues to mount at $107 million to date,” says ICNZ Chief Executive Tim Grafton.

“At the same point last year, insurers had paid out $103 million for insured damage from severe weather events and 2013 was the second costliest year for weather-related damage since 1968 with over $174 million of insured costs,” he says.

Insurers paid out $18 million for more than 6000 domestic claims and $9.5 million in commercial material damage claims from the 9-11 June storm. Approximately $1.1 million was paid out in motor vehicle claims and $758,000 in marine-related claims.

“We’re awaiting provisional figures for the 25 June storm that hit Nelson and Tasman region, as well as the 8-11 July storm that caused severe flooding in Northland but 2014 looks likely to be another costly year for New Zealand from severe weather events which underscores the very real benefit that insurance affords,” says Mr Grafton.

ENDS


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news