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