media release
8 September 2014
2014 Insured Cost of Weather Now Over $135 Million
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 $175 million, the second most expensive year since 1968, the year of
the Wahine disaster.
2014 Insured Cost of Weather-Related Damage Weather EventDate$ Million 2014Severe Weather - Northland-Auckland-Coromandel8-11 July15.1Provisional2014Nelson-Tasman District Wind and Floods25-Jun4.3Provisional2014Severe Weather North and South Islands9-11 June29.8Provisional2014Easter Weekend Storm and Floods17-Apr55.3 2014Cyclone Lusi15-16 Mar3.6 2014Canterbury storm23-Feb4.8 2014Canterbury and Lower North Island storm4-5 Mar22.5 135.4
ENDS