Financial institutions provide relief for flood-affected Otago and Southland residents

Financial institutions provide relief for flood-affected Otago and Southland residents | Insurance Business New Zealand

Catastrophe & Flood

Financial institutions provide relief for flood-affected Otago and Southland residents

Claims management tips outlined

Catastrophe & Flood

By
Roxanne Libatique

In response to severe flooding and rainfall across Otago and Southland, insurers and banks have rolled out support measures aimed at helping affected residents, businesses, and farmers.

AMI, State, NZI, along with Westpac NZ and BNZ, are coordinating relief efforts, offering financial assistance and claims support as communities work to recover from the damage.

The insurers are offering temporary accommodation for those displaced by the floods, as well as financial support for those staying with friends or family.

Wayne Tippet, executive general manager of claims for AMI and State, urged customers to get in touch quickly once they are safe.

AMI and State are advising customers to submit claims online for faster processing, while phone support remains available.

NZI customers are encouraged to contact their brokers for assistance with claims. In particular, business customers facing interruptions or property damage are receiving support through NZI’s broker network, which is working closely with businesses to manage claims and offer guidance during this period of recovery.

How banks support flood-impacted customers

Banks have also stepped in to help their customers with insurance-related needs.

Helen Ryder, Westpac NZ’s managing director of consumer banking and wealth, emphasised that the bank is prepared to assist affected customers.

“We’re in regular contact with affected staff, and we encourage people to make sure they look after their wellbeing and reach out to friends and family where possible to ensure they’re safe and well,” she said.

It has urged affected customers to get in touch with IAG NZ directly through the designated claims line or online portal to expedite the process. Additionally, BNZ has offered temporary overdraft facilities to help customers bridge financial gaps while waiting for insurance payouts.

Managing claims related to extreme weather events

As the flooding continues to affect the region, insurers have outlined key steps for managing claims and protecting property from further damage.

Customers are advised to document all damages through photos and keep any damaged items for assessment.

Insurers are also encouraging customers to take precautions when returning to flood-affected homes or businesses, ensuring safety before starting any clean-up efforts.

For vehicles impacted by floodwaters, customers are being reminded not to drive them and to contact their insurers for towing and replacement vehicle arrangements, where eligible.

The insurance providers have launched online resources to assist with the recovery process, including guidelines on emergency repairs, dealing with water-damaged property, and navigating the claims process. These resources are aimed at making it easier for customers to access the information and assistance they need during this challenging time.

ICNZ chief executive Kris Faafoi emphasised the need for a national framework to better manage natural hazard risks, noting that climate change is increasing the frequency and severity of extreme weather events like the recent flooding.

He called for collaboration between the government, insurers, and communities to ensure that New Zealand is better prepared for future disasters.