NZ claim costs surge after waves of storms, flooding
NZ claim costs surge after waves of storms, flooding
21 December 2022
New Zealand claims lodged as a result of waves of extreme weather earlier this year have reached a value of $NZ123.8 million ($117.6 million).
The Insurance Council of New Zealand (ICNZ) says final data shows 11,086 claims were lodged for five events across July and August. The latest dollar estimate represents an increase of 35%, or $NZ32.1 million ($30.5 million), on earlier provisional reporting.
“We are used to reporting separately on discrete climate related events, but this is an example of something different,” ICNZ CEO Tim Grafton said.
“Wave after wave of extreme wet weather led to weeks of local flooding and slips during what NIWA has declared as Aotearoa New Zealand’s warmest and wettest winter on record.”
The five events included the Nelson Tasman floods of August 18-21, which cost $NZ31.14 million ($29.6 million), while losses across the rest of New Zealand during the same period totalled $NZ36.7 million ($34.9 million).
“There is a clear pattern here of repeat bands of extreme rain saturating the ground making it more prone to slips, flooding and resultant infrastructure damage, including to roads,” Mr Grafton said. “As the long-term warming trend continues, we can expect this to keep happening.”
The running total for extreme weather events for this year stands at a record $NZ335.58 million ($318.9 million), with claims costs for November events to be reported in the New Year.
ICNZ, which is pushing for governments to work with communities to invest in resilience, says the figures don’t include claims met by state-backed insurer Toka tu Ake EQC or the cost of government emergency and clean-up operations and road repairs.
