The storm that affected large parts of New Zealand from July 16 to 21 has resulted in $140.5 million in payouts, according to the Insurance Council of New Zealand (ICNZ).
A total of 5,534 claims have been lodged, ICNZ said. The areas of Buller and Westland, particularly Westport, parts of the lower North Island, upper South Island and Wellington were among the worst affected.
So far, there have been 3,939 claims filed for house and contents, 989 for commercial and businesses-related cover and 570 claims for motor vehicles. The West Coast had the largest number of claims at 1,864, with a total value of $97.23 million.
The July storm is now the fourth-costliest extreme weather event for New Zealand insurers. Only 2020’s Timaru hailstorm ($170 million), 2004’s lower North Island storm, ($148 million, inflation-adjusted) and 1984’s Invercargill flood ($147.7 million, inflation-adjusted) have caused more insured losses.
“The importance and value of insurance is powerfully demonstrated during events like this,” said Tim Grafton, ICNZ chief executive. “Insurers can often provide immediate assistance covering emergency repairs, providing cash advances or emergency accommodation depending on the policy. As the flood waters recede, insurers stand with the community as together repairs get done and property replaced. COVID, disrupted supply chains and increased costs, often borne by insurers, and shortages of materials and tradies mean this can take longer than in the past, but it’s something the sector is committed to working through with communities.”
