Insurers settled 91% of claims after the country’s costliest weather events, according to a report from The Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ).

These claim settlements were resolved within 12 months of the Auckland Anniversary Weekend floods and Cyclone Gabrielle, surpassing previous major disasters.

Insurers likewise handled more than 118,000 claims valued at $3.8 billion.

The report examined insurer response to the country's largest weather events, highlighting key points for future disaster management.

"The loss and devastation on families and communities was severe, and the insurance industry has worked hard to settle claims and get people back on their feet as quickly as possible," said ICNZ chief executive Kris Faafoi.

The industry mobilized over 1,000 additional staff to manage the surge in claims, while implementing lessons learned from previous events.

However, Faafoi acknowledged that some affected residents continue to deal with impacts, prompting insurers to refine their event response plans and invest in digital tools for more effective claims management.

Identifying external challenges, the report stated the need for improved data sharing with emergency management agencies and councils, quicker assessments for stickered properties, and better access to skilled labour for land claims.

Looking ahead, ICNZ is advocating for a cross-sector recovery framework, stressing the urgency of climate adaptation.

"By supporting climate adaptation – such as avoiding building in dumb places and investing in public infrastructure – we can better prepare New Zealand for future natural disasters," Faafoi said.

The industry stated it is also cooperating with the Natural Hazards Commission to expedite land claims processes and forge relationships with Emergency Management authorities to ensure faster disaster response.

To find out more, access the full report here.

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