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The first storm of 2018 is likely to cost insurers more than $26 million, the latest report from the Insurance Council of New Zealand reveals.
Figures show that the total provisional cost, which includes claims made to private insurers in the first six weeks after the January 04-07 event, is now at $26.7 million.
“The storm of early January caused heavy flooding and substantial damage to the Coromandel and Bay of Plenty regions,” ICNZ chief executive Tim Grafton said.
Grafton said the towns of Kaiāua and Thames, in particular, suffered extensively. ICNZ, along with private insurers, conducted community meetings in the towns shortly after the storm passed to talk to residents about the help they needed.
“It’s important to us as a sector to get claims resolved quickly so people can get back on their feet and talking to those affected is the first step,” he said.
“The cost of this storm so far demonstrates the importance of adapting to climate change and putting processes and infrastructure improvements in place that minimise the costs and impacts of these events.
“As time goes on, we expect these sorts of events to become both more frequent and more severe. Every dollar spent on adaptation now will be more than repaid in future savings.”
According to ICNZ, more than 3,600 claims have been placed so far with private insurers. Final figures for the storm are expected to be known by the end of May.
