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

 

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Scoop Business: NZ Broadcasters Launch Battle Against Global Mode ISPs

New Zealand broadcasters have confirmed they’ve launched legal proceedings against internet service providers who give customers’ access to “global mode”, which allows customers access to offshore online content, claiming it breaches the local content providers’ copyright. More>>

ALSO:

Sanford: Closure Of Christchurch Mussel Processing Plant Confirmed

The decision comes after a period of consultation with the 232 staff employed at the Riccarton site, who were told on 9 April that Sanford was considering the future of mussel processing in Christchurch. Recent weather patterns had impacted on natural spat (offspring) supply... More>>

ALSO:

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news