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

 

January storms cost insurers $38.5 mln, more claims to come

By Sophie Boot

March 21 (BusinessDesk) - Ex-cyclone Fehi has cost insurers $38.5 million so far, with that expected to rise and the cost of other extreme weather not yet quantified, the Insurance Council said.

In late January, the storm slammed most of the country and led authorities to declare a state of emergency and ask people to avoid travelling by road in some parts of the South Island. Later that month, ex-cyclone Gita brought more rain, causing heavy flooding in some areas.

The Insurance Council said there had been about 3,300 claims for damage done by ex-cyclone Fehi, with the bulk of those domestic claims.

"We’ve had $65.2 million in insured losses from extreme weather events already this year, off the back of two storms in the first quarter of 2018, and we’re yet to receive the data for Cyclone Gita,” said chief executive Tim Grafton. "It’s important that we don’t lose sight of the impact cumulative extreme weather events can have. And this is the sort of thing we can expect to see with ongoing climate change – more frequent, more severe storms."

Last week, Meridian Energy said hydro storage levels increased in February as tropical storms brought heavy rainfalls, with South Island rainfall totals as high as 300 percent to 400 percent of average in places. Meridian's South Island storage was at 100 percent of average storage on March 11 while North Island storage stood at 158 percent, and national hydro storage increased from 92 percent to 107 percent of historical average in the month.

(BusinessDesk)


© 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: