ICNZ: Climate disasters lead to $1.08 billion in insurance payouts
ICNZ: Climate disasters lead to $1.08 billion in insurance payouts | Insurance Business New Zealand
Insurance News
ICNZ: Climate disasters lead to $1.08 billion in insurance payouts
Insurers address over 100,000 claims, recovery efforts ongoing
Insurance News
By
Ada Tabanao
Insurers have already disbursed $1.08 billion out of an estimated $3.18 billion in response to 107,569 claims arising from the Auckland Anniversary Weekend floods and Cyclone Gabrielle.
In comparison, the general insurance sector faced a total of $3.08 billion in claims throughout 2022, while the claims resulting from the 2016 Kaikoura earthquake amounted to $2.27 billion.
“While we are pleased that good progress is being made, with 35% of claims already fully 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,” said Tim Grafton, chief executive of the Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ).
Besides the payout of over $1 billion, insurers have bolstered their workforce by hiring hundreds of additional employees since the catastrophic events. Insurance companies have been actively collaborating with local councils, communities, and individual customers to assist policyholders in their recovery process.
“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,” Grafton said.
Homeowners with insurance coverage can avail themselves of free, expert guidance for their claims through the New Zealand Claims Resolution Service.
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