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March provisional floods costs near $80 million - Final local Tongan volcano claims reach $5.9 million

12 May 2022

Provisional insurance claims data collected over 21-29 March 2022 for the torrential rain, thunderstorms and flash flooding that affected much of the top half of Te Ika-a-Māui (The North Island) but were particularly focused across Tāmaki-makau-rau (Auckland), have been announced. In total, 7,647 claims worth an initial $79.614 million have been recorded comprising 5,634 domestic, 1,310 commercial 588 vehicle, 51 business interruption and 64 other claims. 

“Climate driven extreme weather events continued to dominate the news earlier this year with February’s Cyclone Dovi’s provisional claims coming in at $44.4 million off the back of a record year for such claims in Aotearoa in 2021 at $324 million,” said Insurance Council of New ZealandTe Kāhui Inihua o Aotearoa (ICNZ) Chief Executive, Tim Grafton.  

More recently the focus has been on badly affected coastal communities, especially in Tairawhiti, where there were fewer than 100 insurance claims for this event, and on the publication of new sea level rise data. However, the claims arising from March’s storms underline the fact that its not just coastal and rural areas that are badly affected by storms and flooding.

“As we’ve seen repeatedly in Auckland, dense urban areas that are highly paved, and where stormwater systems evidently prove inadequate, lead to the misery of flooding for many families and businesses and ongoing flood risks and costs for them and insurers. Taking action to reduce these risks through how we build and maintain our cities as climate change impacts like these events become more frequent and severe is essential. At risk urban communities should be just as concerned about this as coastal communities are about sea level rise.

“Pro-active, co-ordinated action to reduce the risks of climate change must be given much higher priority than it has been,” said Tim.

The provisional cost of claims within Aotearoa arising from the tsunami resulting from January’s Hunga Tonga-Hunga Haʻapai eruption was 60 claims totalling $5,876,560. This has now been finalised at 69 claims totalling $5,935,229. 

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

 

WEATHER-RELATED LOSSES – Provisional Figures

  21-29 March 2022 North Island floods

Catergory

 

 

 

Claims

Value

Domestic

 

 

 

5634

$44,016,125

Commercial Material Damage

  

1310

$24,701,302

Business Interruption/Loss of Profits

 

51

1,543,621

Marine  (including Land transit)

  

7

$15,092

Marine  - Trailer craft

  

0

$0

Marine  - Moored craft

  

0

$0

Motor Vehicle

   

588

$6,610,379

Crops

   

0

$0

Other

   

57

$2,727,817

Total

 

 

 

7647

$79,614,336

 

                        

NATURAL HAZARD LOSSES – Final figures

15 January 2021 - Hunga Tonga-Hunga Haʻapai eruption

Claims in Aotearoa New Zealand only                                             

Catergory

 

 

 

Claims

Value

Domestic

 

 

 

7

$25,292

Commercial Material Damage

  

5

$3,904,497

Business Interruption/Loss of Profits

 

0

0

Marine  (including Land transit)

  

16

$129,154

Marine  - Trailer craft

  

21

$778,127

Marine  - Moored craft

  

18

$1,093,706

Motor Vehicle

   

1

$2,243

Crops

   

0

$0

Other

   

1

$2,210

Total

 

 

 

69

$5,935,229