Gabrielle and Auckland Anniversary claims settlements top 90%

Insurers have fully settled 91% of all private insurance claims from the Auckland Anniversary weekend and Cyclone Gabrielle weather events. The two events are separately the two largest insurance weather events in Aotearoa’s history.  

Insurers have settled 106,891, of 117,414 claims valued at $3.75 billion. By value, insurers have so far paid out $3.06 billion (82%) for both events, with residential house claims at 92%, and both contents and motor at 94% fully settled.

“Insurers have made good progress in getting into the 90% range and providing those affected with some certainty after the sheer scale and damage caused by last year’s extreme weather events,” Insurance Council of New Zealand chief executive Tim Grafton said.

“The impact of the events has been complex and challenging and has affected the timing of the resolution of claims.

“In some cases, assessors faced delays in getting to some affected areas and properties following the extreme weather events. Land claims arise under the Earthquake Commission Act and have faced delays due to factors such a shortage of geo-tech specialists to make assessments while the council-led recategorization process has also affected the timing of settling outstanding claims.

“We know too that some affected homeowners who have been offered a buyout offer are waiting for more certainty around the final categorisation of their property and what impact it may have on repairing their home.

“The industry is committed to finalising the remaining claims and providing certainty for those affected as quickly as possible, and we encourage people to continue talking with their insurers about their claim.” Tim Grafton said.

Claims progress

Summary as at 1 March 2024Auckland AnniversaryCyclone GabrielleTotal both events
Claims received59,06758,347117,414
Claims Settled54,41652,475106,891
Paid to date$1,638,216,329$1,422,982,194$3,061,198,523
Estimated cost$1,957,648,141$1,790,759,736$3,748,407,877

Progress by type of insurance

For both events to 1 Mar-2024Claims ReceivedClaims fully settledClaims ProgressPaid to date $Estimated cost $Payment progress


*Motor claims reporting show total amount paid and do not reflect recoveries, which would reduce the overall total. This is the reason the amount paid exceeds 100% of the estimated total cost. 

Other** can be made up of claims not yet allocated to a line of business which will change but also includes a very small portion of the likes of travel insurance claims related to the event.

*** Business Interruption claims means payments are spread over time with progress tracking as expected (82% by number and 64% by value).  

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