Insurers have so far paid out $1.08 bn of an estimated $3.18 bn over 107,569 claims arising from the twin climate disasters of the Auckland Anniversary Weekend floods and Cyclone Gabrielle. For context, the general insurance sector incurred total claims of $3.08 bn in 2022 while claims for 2016’s Kaikoura earthquake totalled $2.27 bn. “While …
The Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ) welcomes the next step in the recovery from the twin climate disasters of the Auckland Anniversary Weekend floods and Cyclone Gabrielle. ICNZ acknowledges this will provide certainty for many customers, but some customers will not have all the information they need to make …
Insurers welcome next step in climate disaster recovery Read More »
The Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ) urges those affected by floods and storms across Tāmaki Makaurau Auckland and other areas of Te Ika-a-Māui The North Island to put their safety first, heed the advice of local authorities and contact their insurer early. “Contact your insurer early if you suffer …
Flood advice: stay safe and contact your insurer early Read More »
A new record was set in 2022 for climate-related extreme weather general insurance claims at $351.22 million. “While this new record has already been smashed by the twin climate disasters of the Auckland Anniversary Weekend floods and Cyclone Gabrielle, they should not though detract from the clear pattern of rising climate claims in what …
2022 confirmed as record year for climate claims Read More »
Note – this is corrected version of the original which overstated the number of claims settled. Combined claims for the Auckland Anniversary Weekend flooding and Cyclone Gabrielle now stand at 96,586 claims worth $2.47 billion. Insurers have so far paid out over 14,124, 15%, of claims. On 1 April, insurers had put $395 million back …
$395.3 million of $2.47 bn of 2023 climate claims settled Read More »
Provisional general insurance claims data for Cyclone Gabrielle have been released by the Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ). Over 40,000 claims have been recorded to date worth around $890 million for Cyclone Gabrielle of which around $70m has been paid. “Aotearoa New Zealand’s insurers have so far paid out …
Provisional Cyclone Gabrielle claims reach $890m Read More »
A new report from the Global Federation of Insurance Associations (GFIA) has identified and quantified the most significant, and growing, annual global insurance protection gaps, two of which are of particular concern for Aotearoa New Zealand in the area of general insurance. The report, Global Protection Gaps and Recommendations for Bridging Them, highlights global shortfalls …
Global insurance gap report highlights local issues Read More »
Provisional general insurance claims data for the Auckland Anniversary Weekend flood event have been released by the Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ). “While it is still early days, around $111 million of insurance support has already been paid into communities as part of what will be a long recovery”, …
Insurers’ support for the weather bombs $111 million to date Read More »
Insurers are urging buyers to look for signs of water damage and to check Waka Kotahi’s written off vehicle register when buying a vehicle so they can make well informed decisions. Between 1 and 22 February, 524 vehicles were added to the register as write-offs with the water damage annotation. “Until they are properly repaired …
Insurers: buyers beware of flood damaged vehicles Read More »
Note – this was distributed via local civil defense organisations and to local media for them to distribute through channels other than on-line ones. It is posted here for the record. Advice follows on what people affected by Cyclone Gabrielle can do to begin their recovery from an insurance perspective in Hawke’s Bay and …
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