NZ insurers’ payouts for Auckland floods reach $111 million

Line

Number of Claims

Total $ Amount

Home

26,093

$480,299,418

Contents

10,125

$85,114,082

Commercial

3,853

$320,900,442

Motor

7,541

$108,955,065

Marine

32

$571,048

Other

292

$6,801,390

Total

47,936

$1,002,641,445

The expected $1 billion in payouts include over 36,000 home and contents valued at around $565 million, 3,800 commercial claims valued at around $320 million, and 7,500 motor claims worth $109 million.

Around 30K claims for Gabrielle

The $111 million paid out to date is equal to around 11% of the total claims. The ICNZ said in a statement that while most claims will be concluded in a matter of months, many homes and commercial buildings will require work – in many cases, even rebuilds. Even considering the best conditions, these would take many months to over a year to complete.

As for Cyclone Gabrielle, provisional data reveals that around 30,000 claims have already been lodged for what is being called New Zealand’s most destructive weather event in a century. An update on insurance support for this event is expected later this month. ICNZ noted that the relatively close timing of both events to each other have resulted in around twice as many claims as made because of the 2016 Kaikōura earthquake.

“Aotearoa’s insurers have been doing all that they can alongside the heroic response of communities and other agencies to help through both with the immediate response and as we start what will be a long recovery process,” Grafton said.

Grafton said that these are trying times for New Zealanders and that it’s important that people seek out any help they need. This support can include talking to their respective insurers, especially if they are displaced from their homes or experiencing vulnerability.

“As insurers work with their customers to get on with the recovery process, it is clear that massive investment is required to reduce the risks people face. This is about keeping people and communities safe. Insurers are playing their part in the many ongoing discussions and work programmes to promote that,” Grafton said.

A climate expert has warned New Zealanders that around 40,000 flood-prone homes could stand to lose their insurance coverage in the next 20 to 30 years.

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