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Initial insurance losses from August weather bomb $48m

12 Oct 2022

New claims data released today by the Insurance Council of New ZealandTe Kāhui Inihua o Aotearoa (ICNZ) show that mid August’s extreme weather resulted in 3,165 general insurance claims with a provisional value of $47.98 million.  

Of this, the Nelson Tasman District accounted for 1,248 private insurer claims with a provisional value of $21.64 million and the rest of Aotearoa New Zealand (including Marlborough), 1,917 claims valued at $26.35 million.

“This was a devastating event for communities in Nelson and the Marlborough Sounds in particular that will take a long time to recover from,” said ICNZ Chief Executive, Tim Grafton.

“It has been more difficult for some by the time taken to deal safely and methodically with the event. In a hillside area of Nelson, this is necessitating extensive geotechnical work to ensure the land has stopped moving. This is now being followed up with site specific damage assessments.”

The community response to these events has once again been outstanding. Local councils are working closely with residents, geotechnical experts, insurers and their partners Toka Tū Ake EQC, Waka Kotahi and an army of contractors, businesses and community groups to help put people back on their feet.

“Once all the assessments are safely completed, the final claims data for August’s event will likely be higher”, said Tim. “This is a difficult time for all involved and yet another reminder of the urgency with which incoming councils must deal with building resilience to climate change.”

ICNZ also released final claims data for 9-14 June floods today. Preliminary figures of 3,146 claims valued at $15.45 million have been finalised at 3,552 claims worth $20.34m.

All of the data released today brings the running total for general insurance losses for extreme weather events in 2022 to $298 million. The 2021 full year total was $324 million. ICNZ does not track related costs met by Toka Tū Ake EQC, councils and Waka Kotahi.

 

ENDS – KA MUTU
Contact/Tukua ki:  [email protected]
 

Notes to Editors

ICNZ data collection process

  1. Once an event has concluded, ICNZ issues a notice to its members to record data for it.
  2. Provisional data are available around four weeks after the event after policy holders have lodged claims and initial assessments have been made.
  3. Final numbers are reported after around three months once the cost of claims is known.
  4. ICNZ members manage EQCover claims on behalf of Toka Tū Ake EQC. Toka Tū Ake EQC settlement of such claims up to the EQCover limit are not included in ICNZ data.

WEATHER-RELATED LOSSES – Provisional Figures

18-21 AUGUST 2022 NELSON-TASMAN FLOODING

Line                                                  Number of Claims                         Total $ Amount

Domestic                                                       1,031                                 16,408,987

Commercial Material Damage                         140                                  3,244,121

Business Interruption/Loss of Profits                24                                      270,325

Marine (including Land Transit)                          1                                            1,447

                   Trailercraft                                        0

                   Moored craft                                     1                                          10,000

Motor Vehicle                                                    45                                         477,989

Crops                                                                  0                                              

Other                                                                   6                                       1,222,545

TOTAL                                                          1,248                                     21,635,414

 

WEATHER-RELATED LOSSES – Provisional Figures

18-21 AUGUST 2022  REMAINDER OF NZ FLOODING

Line                                                  Number of Claims                        Total $ Amount

Domestic                                                       1,554                                  21,134,440

Commercial Material Damage                         252                                    3,628,429

Business Interruption/Loss of Profits                 12                                      411,842

Marine (including Land Transit)                           2                                         11,866

                   Trailercraft                                         0

                   Moored craft                                     1                                         50,000

Motor Vehicle                                                     84                                      502,673

Crops                                                                   0                                             

Other                                                                  12                                     607,936

TOTAL                                                          1,917                                26,347,186

 

WEATHER-RELATED LOSSES – Final Figures

9-14 JUNE 2022  NORTH AND SOUTH ISLAND STORM

 

Line                                                  Number of Claims                        Total $ Amount

Domestic                                                       2,699                                 12,431,230

Commercial Material Damage                         544                                   5,655,719

Business Interruption/Loss of Profits                 10                                       73,737

Marine (including Land Transit)                           5                                        50,282

                   Trailercraft                                         2                                        13,326

                   Moored craft                                      0   

Motor Vehicle                                                    270                                  1,454,592

Crops                                                                   0

Other                                                                  22                                     656,855

TOTAL                                                          3,552                                 20,335,741