The Insurance Council of New Zealand (
ICNZ) has announced that 2017 has been the most expensive year on record for weather-related losses, with a total insured-losses value of more than $242 million.
The latest data from ICNZ show Cyclone Debbie as the most expensive event of the year. The cyclone struck in early April and resulted in 5,470 claims totalling $91.5 million in insured losses. Flooding was also a big contributor to these figures, with insurers paying out $94.6 million across 11,455 claims for flood events.
“These figures are a clear sign of the impact climate change is having on our country,” ICNZ chief executive
Tim Grafton said. “As time goes on, we expect to see more of these sorts of extreme weather events occurring.”
He said insurers are working with the central and local government to help affected communities and address areas of future risk.
These extreme weather events highlight the importance of being well-insured, Grafton said. “When one of these events strikes, insurance helps you get back on your feet. It’s a key part of being resilient and building a resilient country,” he said.
ICNZ data also show house-and-contents claims made up more than half of all insured losses for the year, with a total cost of $154.2 million paid out by insurers.
The final figures for the July 20-22 flooding in the South Island have come in, pushing total insured losses up from $20.9 million to $31.2 million, ICNZ said.
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