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More than half the value of $890m worth of Cyclone Gabrielle insurance claims to date come from Hawke's Bay

Insurance / news
More than half the value of $890m worth of Cyclone Gabrielle insurance claims to date come from Hawke's Bay
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General insurers have received more than 40,000 claims worth about $890 million to date relating to Cyclone Gabrielle, the Insurance Council of New Zealand (ICNZ) says, with Hawke's Bay accounting for more than half the total value.

ICNZ Chief Executive Tim Grafton says about $70 million has been paid out so far. The February cyclone, which hit much of the North Island, closely followed major floods over Auckland Anniversary Weekend in late January.

"Aotearoa New Zealand’s insurers have so far paid out over $180 million in claims across the Auckland Anniversary Weekend and Cyclone Gabrielle climate events," says Grafton.

"Across the motu for Cyclone Gabrielle, home and contents claims total 27,800 worth an initial $453 million. The impact of this event on business is also clear with an initial claims value of over $350 million being recorded for related insurance. Thousands of vehicles have been damaged and written off with claims reaching over 5,000 worth over $73 million."

"On a regional basis for Cyclone Gabrielle most claims, over 13,000, have been recorded in Hawke’s Bay across all general insurance types. While this is around a third of all claims, such is the extent of the damage there the region accounts for more than half of the total value of claims to date for the Cyclone at over $481 million," Grafton says.

He notes that some communities continue to face acute issues involving silt, housing and access, saying insurers are "working hard to activate temporary accommodation benefits for homeowners and renters alike."

Beware scammers

Meanwhile Ashley Kai Fong, BNZ's Head of Financial Crime, is warning people receiving insurance payments to be extra vigilant of scammers.

 Kai Fong cautions that "scammers often prey on people in vulnerable situations."

"Invoice scams are a good example. This is where scammers compromise email accounts of legitimate businesses and modify customer bills, replacing the actual bank account number with their own."

 "Always thoroughly check the authenticity of any invoice or bill you receive and contact the sender directly if you have any doubts. Additionally, confirm with a supplier that the bank account number on an invoice is correct before making a payment," Kai Fong says.

 "Bogus trade services are another scamming method. Scammers pose as tradies offering to repair homes, properties, or utility services at cheap rates or promise to do the repairs immediately. They’ll often ask for an upfront payment, and will then either do a poor job, damage your property, or take-off before completing the work."

 "Always request written quotes and references from tradespeople you hire, and avoid paying cash or disclosing personal information," Kai Fong says.

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1 Comments

...They’ll often ask for an upfront payment, and will then either do a poor job, damage your property, or take-off before completing the work.

...like a real tradie, cunning!

I feared claims would be substantially more and push inflation back up so I'm pleasantly surprised. It's possible I suppose that the big claims may still yet be to come.

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