sign up log in
Want to go ad-free? Find out how, here.

Insurance Council says about three quarters of the $3.6 billion of claims for the massive weather events earlier this year have now been paid

Insurance / news
Insurance Council says about three quarters of the $3.6 billion of claims for the massive weather events earlier this year have now been paid

Insurers have now paid out $2.7 billion worth of the $3.6 billion claims made for damage from the two massive weather events in January and February of this year.

The Insurance Council is styling the Auckland Anniversary weekend flood and Cyclone Gabrielle in February as, separately, the two largest insurance weather events in the country's history.

Insurers have settled 99,798 of 115,353 claims made.

Insurance Council chief executive Tim Grafton says this is "really good progress".

"Insurers are committed to finalising the remaining claims with their customers," he said.

"We know some homeowners are waiting to settle until more is known about their local council voluntary buyout offer.

"Our message to homeowners is that your insurance claim needs to be completed before starting the property purchase process. As people will not be financially advantaged or disadvantaged by waiting we encourage people to continue to work with their insurer to finalise their claim."

The $2.7 billion paid out to December 1 covers 87% of claims by volume and around 75% by value.

By value, residential house claims are 84%, contents 95% and motor 99% fully settled.

The council says the nature of Business Interruption claims means payments are spread over time and so progress is tracking as expected (75% by number and 57% by value).

Putting some perspective on the figures - earlier this year the council had said that 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.

The below is the council's full description of claims and progress to date for this year's weather events:

We welcome your comments below. If you are not already registered, please register to comment.

Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.


And we are all paying them back for it in premiums. The house always wins, thank you for playing sir. 


They are a business, not a charity. Anyway, their net profits and net return on capital are not particularly exciting. 


There has to be a better way 


perhaps a co operative structure where we own the company and we forget about re insurance Too many people clipping the ticket 

insurers whine when they have to pay out half their premiums 


you HAVE TO reinsure and write disaster bonds etc to cover the risk, earthquakes can be HUGE, can you imagine the alpine fault going taking out WGTN and most of the coast and our power grid.


Have too agreed Home and Contents insurance premiums have gone thru the roof over the last three years.  There must be a lot of people who have not renewed the policies or have cancelled them and putting the premium allowance in a bank account just in case.


TWI weighting changes


Currency    Symbol    Old weight    New weight
Chinese yuan    CNY    0.2564    0.2261
Australian dollar    AUD    0.1655    0.1766
United States dollar    USD    0.1378    0.1450
Euro zone euro    EUR    0.0983    0.0949
Singapore dollar    SGD    0.0537    0.0649
Japanese yen    JPY    0.0610    0.0563
South Korean won    KRW    0.0434    0.0500
United Kingdom pound    GBP    0.0307    0.0340