Early-2018 extreme weather events cost insurers $93.5 million

Early-2018 extreme weather events cost insurers $93.5 million | Insurance Business

Early-2018 extreme weather events cost insurers $93.5 million

The second quarter of 2018 has just started and New Zealand insurance companies have already provided more than $93 million in support and assistance to communities for repairs and settlements.

In Q1 2018, the country was struck by three major storms: the January storms, Cyclone Fehi and ex-Tropical Cyclone Gita. Together, they totalled $93.5 million in insured losses, according to the Insurance Council of New Zealand.

“Insurance is the support structure that helps people back on their feet after sudden and unexpected disasters like these storms,” ICNZ chief executive Tim Grafton said. “After each of these severe storms, we’ve seen insurers getting out into communities, paying out on policies and giving people the assistance they need to repair and rebuild what they’ve lost.”

Grafton noted that the insurance returns and support insurers provide communities are invaluable.

“Without them, severe weather events and other natural disasters would cripple our communities,” he said.

Provisional data shows ex-Tropical Cyclone Gita cost insurers just over $28.3 million, across almost 4,000 claims, with two-thirds of those arising from homes and contents claims. The January storms and Cyclone Fehi cost $26.7 million and $38.5 million dollars respectively, the council detailed.

 

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