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

 

First storm of 2018 costs more than $26m

22 February 2018

First storm of 2018 costs more than $26m


Figures released by the Insurance Council this morning show the provisional cost to insurers of the first storm of 2017 is likely to exceed $27 million.

The total provisional cost, which encompasses claims made to private insurers in the first 6 weeks after the 4-7 January event, has come in at $26.7 million.

“The storm of early January caused heavy flooding and substantial damage to the Coromandel and Bay of Plenty regions,” said ICNZ Chief Executive, Tim Grafton.

“In particular, the towns of Kaiāua and Thames suffered extensively. We went into these towns shortly after the storm passed, along with private insurers, to talk to residents about the help they needed and to listen to their experiences. It’s important to us as a sector to get claims resolved quickly so people can get back on their feet and talking to those affected is the first step.”

“The cost of this storm so far demonstrates the importance of adapting to climate change and putting processes and infrastructure improvements in place that minimise the costs and impacts of these events,” said Grafton. “As time goes on, we expect these sorts of events to become both more frequent and more severe. Every dollar spent on adaptation now will be more than repaid in future savings.”

More than 3,600 claims have been placed so far with private insurers. Final figures for the storm are expected to be known by the end of May.

Provisional figures

Claim typeNo. of claimsTotal insured losses ($m)
House and contents2,75215.48
Commercial4598.5
Marine740.54
Motor3161.64
Other540.54
TOTAL3,65526.7


ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

21, 22, 23 December: Air NZ Workers Vote To Strike

Last week union members voted overwhelmingly in favour of industrial action in response to the company’s low offer and requests for cuts to sick leave and overtime. More>>

ALSO:

24/7: National Geohazards Monitoring Centre Opens

For the first time, New Zealand will have 24-7 “eyes on” monitoring of the four perils: earthquake, tsunami, landslides and volcanic activity. More>>

ALSO:

EU Wine Exports: Yealands Fined For "Unprecedented Offending"

Yealands Estate Wines has pleaded guilty to “unprecedented offending” under the Wine Act 2003 and has copped a $400,000 fine. More>>

ALSO:

Discussion Paper: Govt To Act On Unfair Commercial Practices

“I’ve heard about traders who have used aggressive tactics to sell products to vulnerable consumers, and businesses that were powerless to stop suppliers varying the terms of their contract, including price.” More>>

ALSO:

'Considering Options' On Tip Top Ownership: Fonterra Drops Forecast Milk Price

Fonterra Co-operative Group Limited today revised its 2018/19 forecast Farmgate Milk Price range from $6.25-$6.50 per kgMS to $6.00-$6.30 per kgMS and shared an update on its first quarter business performance. More>>

ALSO: