ICNZ reports over $86m in insured losses after July storm

The extreme weather saw over 5,000 in claims.

The Insurance Council of New Zealand reported over $86m (NZ$122m) in insured losses that have seen 5,207 claims after a July storm that saw a rare red weather warning from the state’s weather authority Metservice.

The ICNZ reported that the storm left a raft of damage across much of the country, with severe flood damage in Westport, as well as slips and flooding through the upper South Island, Wellington, and North Island. Combined there have been 3,790 claims for house and contents, 795 commercial and business-related claims, and 590 claims for motor vehicles.

Tim Grafton, chief executive of the ICNZ, said the preliminary figures reflect the damage severe weather and flooding can leave behind.

“The value of insurance is powerfully demonstrated with the support provided to Westport customers, where we have seen insurers meet over NZ$85m of losses in a town with a population of about 4,000. Insurance has never been more important. This year severe weather has affected many of our communities, with the impacts of climate change being felt by many, with severe weather becoming more frequent and more severe,” Grafton said.