About $111 million of "insurance support" has already been paid in relation to Auckland's Anniversary Weekend flood, while claims topping the $1 billion mark have been made.
The Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ) has released provisional general insurance claims data for the Auckland flood.
“While it is still early days, around $111 million of insurance support has already been paid into communities as part of what will be a long recovery”, ICNZ chief executive Tim Grafton said.
"In total, around 48,000 claims have been lodged for that event to date and insurers expect to provide over $1 billion in supporting people impacted by the flooding between 27 Jan and 2 February 2022."
The total includes over 36,000 home and contents claims valued at around $565 million, 3,800 commercial claims valued at around $320 million and 7,500 motor claims worth $109 million.
The payments made to date are in respect of about 11% of claims.
ICNZ said while most claims "will be concluded in a matter of months", it is clear that many homes and commercial buildings will require work, and in many cases re-builds, that, "even in the best of times", would take many months to over a year to complete.
In relation to the subsequent Cyclone Gabrielle and resultant damage, Grafton said about 30,000 claims have been lodged so far as a result of this event. An update on insurance support for this is expected later in March.
"These two events over the space of around a fortnight have resulted in around twice as many claims as made as a result of the 2016 Kaikōura earthquake."
Grafton said the country'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".
"Insurers are in this for the long haul. These are the worst of times for many of us and it’s important that people seek out any help they need. That can include talking to your insurer, especially if people 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."
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It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair, we had everything before us, we had nothing before us, we were all going direct to Heaven, we were all going direct the other way...
A tale of two cities; one over consulted and funded to luxuries the other destitute with failing basic services leading to devastation. Pity no one thought to start a revolution.
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