IAG's "Wild Weather Tracker" documents climate change impacts

IAG's "Wild Weather Tracker" documents climate change impacts | Insurance Business New Zealand

IAG's "Wild Weather Tracker" documents climate change impacts

IAG, through its State, AMI and NZI brands, has launched the Wild Weather Tracker, a regular report examining insurance claims data and the costs of climate change impacts.

For its first issue, IAG compiled climate related data from the last 10 years to identify long-term trends regarding the frequency and scale of extreme weather events in the country. The report found that the number of storms, floods and other instances of extreme weather was 175% higher in 2021 than what was recorded in 2012. Additionally, IAG recorded 74 storms between 2017 and 2021, double the 37 storms recorded between 2012 and 2016.

The Wild Weather Tracker also provided a detailed look at data from September 2021 until February 2022, revealing that IAG brands State, AMI and NZI received over 8,000 claims for weather-related property damage. This was 32% higher than the claims received during the same period in the previous year.

The report also included case studies for several major weather events from the last few years, including the Timaru hailstorm of 2019 and the West Coast flood of 2021. According to the report, the Timaru hailstorm resulted in 13,315 claims, costing approximately $110 million. The West Coast flood, meanwhile, brought in 3,011 claims, costing around $80 million.

“We know that New Zealand’s weather can be unpredictable, but our claims data clearly shows that severe weather is becoming more frequent and more damaging to people’s homes and property.  We expect that these events will only increase as our climate warms,” said Amanda Whiting, chief executive of IAG New Zealand.

The Wild Weather Tracker is available at iag.co.nz and will be updated every six months.