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January storm cost insurers more than $34m

Figures released by the Insurance Council this morning show the final cost to private insurers of the storm that hit in early-January was nearly $34.2 million. More than 4,200 claims were made for the event.

“The storm of early January caused heavy flooding and substantial damage to the Coromandel and Bay of Plenty regions,” said ICNZ Chief Executive, Tim Grafton.

“In particular, the towns of Kaiāua and Thames suffered extensively. We went into these towns shortly after the storm passed, along with private insurers, to talk to residents about the help they needed and to listen to their experiences. It’s important to us as a sector to get claims resolved quickly so people can get back on their feet and talking to those affected is the first step.”

“The cost of this storm demonstrates the importance of adapting to climate change and putting processes and infrastructure improvements in place that minimise the costs and impacts of these events,” said Grafton.

“As time goes on, we expect these sorts of events to become both more frequent and more severe. Every dollar spent on adaptation now will be more than repaid in future savings.”

Total figures are provided below.

 

 

Claims

Cost ($)

Domestic

3,086

19,120,299

Commercial

685

11,714,690

Marine

89

793,471

Motor

346

1,919,037

Other

62

620,476

TOTAL

4,268

 34,167,973

 

Published 14 May 2018