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The Insurance Council says the 2014 insured cost of weather damage is now over $135 million

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The Insurance Council says the 2014 insured cost of weather damage is now over $135 million

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New reports have taken the insured cost of weather-related damage this year to over $135.4 million, the Insurance Council of New Zealand announced today.

“This year is heading to be one of the most expensive years for insured losses as the final cost of the big Easter storm that hit the West Coast has risen to $55.3 million, up from the initial estimate of $45 million, and the provisional cost for the storm that lashed Northland, Auckland and the Coromandel in early July is $15.1 million,” ICNZ Chief Executive Tim Grafton said.

The Easter storm was the biggest event this year with about 10,000 claims and over $32 million in damage to homes, contents and motor vehicles.

“Homeowners also bore the brunt of the July storm with about $8 million of damage to homes and content, which highlights the importance of New Zealand’s generally high levels of insurance uptake to ensure a quick economic recovery at times like these,” he said.

Last year, insured losses from weather events was $175 million, the second most expensive year since 1968, the year of the Wahine disaster.

2014 Insured Cost of Weather-Related Damage

  Weather Event Date $ Million  
2014 Severe Weather - Northland-Auckland-Coromandel 8-11 July 15.1 Provisional
2014 Nelson-Tasman District Wind and Floods 25-Jun 4.3 Provisional
2014 Severe Weather North and South Islands 9-11 June 29.8 Provisional
2014 Easter Weekend Storm and Floods 17-Apr 55.3  
2014 Cyclone Lusi 15-16 Mar 3.6  
2014 Canterbury storm 23-Feb 4.8  
2014 Canterbury and Lower North Island storm 4-5 Mar 22.5  
      $135.4  

 

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