16 July 2015

Otago flooding cost insurers $28m

The June storm that caused extensive flooding in Dunedin cost insurers over $28 million, the Insurance Council of New Zealand reported today.

Most damage was the result of the record deluge that swamped Dunedin and the Otago region between 2 and 4 June, closing roads and highways and cutting power to many residents.

“With events like this always possible, it just underlines the importance insurance plays when disaster strikes” Insurance Council Chief Executive Tim Grafton said.

Grafton said “Provisional figures show that nearly 2,000 domestic claims cost insurers almost $20 million, with almost 200 commercial and business interruption claims costing over $8 million. The remainder of claims was largely for motor vehicles”.

Final claims figures will be known in early October.

ENDS

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