May weather cost insurers almost $20m

29 June 2015

May weather cost insurers almost $20m

The extreme weather events that caused extensive flooding in Wellington and saw a tornado rip through parts of Mt Maunganui cost insurers almost $20 million, the Insurance Council of New Zealand reported on provisional estimates today.

Most damage was the result of the storm that lashed Wellington and the lower North Island between 13 and 15 May.

“This saw extensive flooding around the Wellington region disrupting travel in and out of the capital. Provisional figures show that cost was almost $17 million, including damage to commercial properties and business interruption cover costs of over $9 million. House, contents and motor damage made up the balance of the damage. With events like this always possible, it just underlines the importance insurance plays when disaster strikes” Insurance Council Chief Executive Tim Grafton said.

The tornado that hit Mt Maunganui on 14 May wreaked havoc on houses and commercial properties. Over $2 million worth of insured damage occurred with most of that ($1.2 million) from commercial damage and almost $800,000 worth of domestic damage.

ENDS

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