2014 Insured Storm Damage Nears $77 Million

2014 Insured Storm Damage Nears $77 Million

Insured storm damage for the first half of 2014 is almost $77 million, according to the Insurance Council of New Zealand.

ICNZ today announced that the finalised insured cost of damage from the storm that hit Canterbury and the lower North Island on 4-5 March 2014 was $22.5 million, taking the total storm-related insured payouts for the first six months of the year to $76.9 million.

The majority of claims for the 4-5 March storm that caused serious flooding throughout Christchurch was in Canterbury, where insurers settled over 4,000 claims paying out $21.6 million - including $15.2 million in domestic claims and $3 million in commercial material damage for the region.

“Insurers have this year paid out $76.9 million settling more than 15,800 weather-related damage claims which highlights the role insurance plays in responding to claims and helping New Zealanders to get back on their feet after major storms and extreme weather events,” says ICNZ Chief Executive Tim Grafton.

In 2013 more than $174 million was paid out in weather-related damage claims, making it the second most costly year for insured weather losses since the Insurance Council started tracking these losses on a regular basis back in 1968.
2014 Weather-related Event Date $ Million
Easter Weekend Storm and Floods 17-Apr 2014 45.6
Cyclone Lusi 15-16 Mar 2014 4
Canterbury and Lower North Island Storm 4-5 Mar 2014 22.5
Canterbury Storm 23-Feb 2014 4.8
76.9

ENDS

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