The Insurance Council of New Zealand (ICNZ) has reported that insurers have resolved 87% of all private insurance claims stemming from the Auckland Anniversary weekend and Cyclone Gabrielle, two of the most significant insurance weather events in Aotearoa's history. To date, 99,798 out of 115,353 claims have been settled, amounting to a value of $3.6 billion.
As of Dec. 1, the $2.7 billion paid out represents 87% of claims in terms of volume and approximately 75% in value. Breaking it down by category, residential house claims are 84% settled, contents claims are 95% settled, and motor claims are 99% settled. The nature of business interruption claims, which are paid out over time, shows a 75% settlement by number and 57% by value, aligning with expectations for this type of claim.
ICNZ chief executive Tim Grafton noted the progress made in settling claims and the ongoing commitment of insurers to address the remaining cases. He pointed out that some homeowners are delaying settlements in anticipation of more information regarding local council voluntary buyout offers.
“Our message to homeowners is that your insurance claim needs to be completed before starting the property purchase process. As people will not be financially advantaged or disadvantaged by waiting, we encourage people to continue to work with their insurer to finalise their claim,” Grafton said.
Elsewhere in the country, IAG laid out insurance data for weather-related claims during the six months between March and August across all its brands in its latest Wild Weather Tracker report for November.
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