Insurers pay out $37 million in Northland flood claims

Insurers pay out $37 million in Northland flood claims | Insurance Business

Insurers pay out $37 million in Northland flood claims

Insurers have paid out around $37 million in claims following the Northland floods in July, according to preliminary figures from the Insurance Council of New Zealand (ICNZ).

To date the flood has resulted in more than 2,500 house and contents claims, over 360 commercial or business-related claims and a further 360 claims for damage to motor vehicles, the statement from ICNZ said. EQC has received 306 land claims to date.

This is the first time private insurers have managed some claims for land damage on behalf of EQC. This meant that customers who suffered damage to their residential home, and had silt or debris covering their land, were able to lodge and have their claim managed by their private insurer.

“This helped to ensure the claims process was easy and efficient,” said ICNZ chief executive Tim Grafton. “Many customers were able to have their claim resolved through their insurer as a single point of contact, enabling them to get back on their feet as quickly as possible.”

“Bringing EQC and private insurers together provided a streamlined customer service experience for the people of Northland,” said EQC chief readiness officer Josh Lindsay. “We will continue to work closely to build on this for future events.”

Losses from the Northland floods have already exceeded those of the Southland floods in February, which led to a state of emergency being declared for Southland, Fiordland and Clutha.