Insurers provide NZD93.5m of support

Insurers in New Zealand have provided more than NZD93 million in support and assistance to communities this year.

Three major storms struck New Zealand in the first quarter of 2018: the January storms, Cyclone Fehi and ex-Tropical Cyclone Gita. Together, they totalled $93.5 million in insured losses – money insurers have injected back into those communities to help with repairs and resettlement.

“Insurance is the support structure that helps people back on their feet after sudden and unexpected disasters like these storms,” said Insurance Council of New Zealand Chief Executive, Tim Grafton. “After each of these severe storms, we’ve seen insurers getting out into communities, paying out on policies and giving people the assistance they need to repair and rebuild what they’ve lost.”

“The insurance returns insurers make to communities, and the support those returns provide, is invaluable. Without them, severe weather events and other natural disasters would cripple our communities,” Grafton said.

Provisional data shows ex-Tropical Cyclone Gita has cost insurers just over NZD28.3 million, across almost 4,000 claims. Two thirds of those claims were for homes and contents.

The January storms and Cyclone Fehi cost NZD26.7 and NZD38.5 million dollars successively.