A little over a third of a now estimated $3.18 billion worth of claims for the twin weather hits early this year have been paid out so far.
And the Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ) is reiterating its earlier warnings that some claims may take over a year to settle.
The $3.18 billion, represented by over 100,000 claims is fairly evenly split between the Auckland Anniversary Weekend flood in late January and Cyclone Gabrielle in early February.
Putting those figures into context - ICNZ says the general insurance sector in NZ had total claims for the whole of 2022 of $3.08 billion, while claims for 2016's Kaikoura earthquake totalled $2.27 billion.
Insurers have so far paid out $1.08 billion of the estimated $3.18 billion claimed for the two weather events early this year.
ICNZ chief executive Tim Grafton said the insurance industry is "pleased that good progress is being made", with 35% of claims by number and 34% by value settled.
"...We said in February that many of the more complex, claims would take many months, and some over a year or more, to complete."
He said insurers are "committed to supporting their customers on their recovery journeys".
In addition to having paid out over $1 billion, insurers have bought in "hundreds of extra staff" since these events and have been working hard with councils, in communities and with individual customers to help them get back on their feet, Grafton said.
"There is much yet to be done. For some customers there is a long road ahead while they work through the categorisation process with their council. Insurers are committed to standing by their customers until all claims are settled," he said.
ICNZ says those with residential insurance can get free, independent and expert advice on their claim from the New Zealand Claims Resolution Service. "This is an excellent way to help understand if a claim is proceeding properly and to get any help and advice that’s needed to minimise disputes."
All ICNZ members are bound by the Fair Insurance Code. This includes recourse to free and independent ombudsman services should an insurer’s internal complaints procedures prove unsatisfactory outcomes for customers.
| Summary | Auckland Anniversary | Cyclone Gabrielle | Total both events |
| Claims Received | 55,433 | 52,136 | 107,569 |
| Claims Settled | 18,653 | 18,673 | 37,326 (35%) |
| Claims open* | 36,780 | 33,463 | 70,243 |
| Claims paid to date | $598,729,857 | $479,180,456 | $1,077,910,313 (34%) |
| Estimated cost | $1,659,142,250 | $1,516,578,384 | $3,175,720,634 |
*Open claims include partially settled
4 Comments
The continuing and/or next shoe to drop on the high and higher inflation battle.......Weather Stimulous!
Sticky inflation being constantly squirted with new doses of Uhu Glue......... OCR to the MOON!
Tones (RATES HAVE PEAKED CLOWNFACEGUY) the Combs will have more egg dripping from face. Its Guaranteed!
More than likely.
A month ago, when the RBNZ failed to plunge a dagger into the heat of CPI rises with a statement "6%!" call and appeared to hint at "That is it" for OCR rises, it followed that the NZ$ would fall, and then fall again. But it only did the first bit.
Today we see the NZ$ looking mighty perky, and the reason for that is just as you post - the market now knows that the OCR is going higher than it should have had to with a statement call last time. An OCR of 6% might look low in the not too distant future.
There might be more to be spent after this weekend's rain
https://www.metservice.com/maps-radar/rain/forecast/3-days
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