Cyclones Debbie and Cook insured costs rise to $109m

The two cyclones helped make 2017 the most expensive year for weather events

Cyclones Debbie and Cook insured costs rise to $109m

Insurance News

By Krizzel Canlas

The two cyclones that swept through New Zealand in April and caused residents of Edgecumbe to be evacuated have resulted in insured costs totalling $109 million, according to the Insurance Council of New Zealand.

In June, provisional data had 8,043 claims, which cost $84.4 million. The final data has now upgraded claims to 9,186, with total cost of $108.7 million – making the events the most damaging since the lower North Island storm in 2004.

According to the ICNZ, the remnants of the cyclones Debbie and Cook hit Edgecumbe the hardest. The area accounted for only 15% of the insurance claims received nationally by number, but 50% of the monetary value.

“This brings the total to date for significant weather events for 2017 to $199 million, which means this year already is the most damaging year since the Wahine storm of 1968 – and we are well on the way to 2017 being the most expensive year for weather events since our records began,” ICNZ Chief Executive Tim Grafton said.

The report said total claims include 7,075 house-and-contents claims costing $79.4 million, 1,346 commercial material damage and business-interruption claims at $22.4 million, and 653 motor vehicle claims amounting to $5.2 million.

“The weather bombs we’ve had this year highlights the importance insurance plays when disaster strikes,” Grafton said. “We would hope that uninsured renters are now taking steps to ensure their contents are protected to see them through these types of events. And for homeowners that they check their sum insured is enough to rebuild in the event of a total loss.”

Related stories:
This year’s ‘weather bombs’ cost insurers $84 million
Kiwis urged to lodge EQC claims

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