Source: Insurance Council of NZ
New claims data released today by the Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ) show that mid August’s extreme weather resulted in 3,165 general insurance claims with a provisional value of $47.98 million.
Of this, the Nelson Tasman District accounted for 1,248 private insurer claims with a provisional value of $21.64 million and the rest of Aotearoa New Zealand (including Marlborough), 1,917 claims valued at $26.35 million.
“This was a devastating event for communities in Nelson and the Marlborough Sounds in particular that will take a long time to recover from,” said ICNZ Chief Executive, Tim Grafton.
“It has been more difficult for some by the time taken to deal safely and methodically with the event. In a hillside area of Nelson, this is necessitating extensive geotechnical work to ensure the land has stopped moving. This is now being followed up with site specific damage assessments.”
The community response to these events has once again been outstanding. Local councils are working closely with residents, geotechnical experts, insurers and their partners Toka Tū Ake EQC, Waka Kotahi and an army of contractors, businesses and community groups to help put people back on their feet.
“Once all the assessments are safely completed, the final claims data for August’s event will likely be higher”, said Tim. “This is a difficult time for all involved and yet another reminder of the urgency with which incoming councils must deal with building resilience to climate change.”
ICNZ also released final claims data for 9-14 June floods today. Preliminary figures of 3,146 claims valued at $15.45 million have been finalised at 3,552 claims worth $20.34m.
All of the data released today brings the running total for general insurance losses for extreme weather events in 2022 to $298 million. The 2021 full year total was $324 million. ICNZ does not track related costs met by Toka Tū Ake EQC, councils and Waka Kotahi.
ICNZ data collection process
1. Once an event has concluded, ICNZ issues a notice to its members to record data for it.
2. Provisional data are available around four weeks after the event after policy holders have lodged claims and initial assessments have been made.
3. Final numbers are reported after around three months once the cost of claims is known.
4. ICNZ members manage EQCover claims on behalf of Toka Tū Ake EQC. Toka Tū Ake EQC settlement of such claims up to the EQCover limit are not included in ICNZ data.
WEATHER-RELATED LOSSES – Provisional Figures
18-21 AUGUST 2022 NELSON-TASMAN FLOODING
Line Number of Claims Total $ Amount
Domestic 1,031 16,408,987
Commercial Material Damage 140 3,244,121
Business Interruption/Loss of Profits 24 270,325
Marine (including Land Transit) 1 1,447
Trailercraft 0
Moored craft 1 10,000
Motor Vehicle 45 477,989
Crops 0
Other 6 1,222,545
TOTAL 1,248 21,635,414
WEATHERRELATED LOSSES – Provisional Figures
18-21 AUGUST 2022 REMAINDER OF NZ FLOODING
Line Number of Claims Total $ Amount
Domestic 1,554 21,134,440
Commercial Material Damage 252 3,628,429
Business Interruption/Loss of Profits 12 411,842
Marine (including Land Transit) 2 11,866
Trailercraft 0
Moored craft 1 50,000
Motor Vehicle 84 502,673
Crops 0
Other 12 607,936
TOTAL 1 ,917 26,347,186
WEATHER-RELATED LOSSES – Final Figures
9-14 JUNE 2022 NORTH AND SOUTH ISLAND STORM
Line Number of Claims Total $ Amount
Domestic 2,699 12,431,230
Commercial Material Damage 544 5,655,719
Business Interruption/Loss of Profits 10 73,737
Marine (including Land Transit) 5 50,282
Trailercraft 2 13,326
Moored craft 0
Motor Vehicle 270 1,454,592
Crops 0
Other 22 656,855
TOTAL 3,552 20,335,741
