Cyclone Fehi is expected to cost insurers more than $NZ$39 million ($36.3 million), according to the Insurance Council of New Zealand (ICNZ).

The storm, which hit New Zealand in February, has already cost almost $NZ38.5 million ($35.8 million), with most claims for personal lines, followed by commercial and motor.

States of emergency were declared in Dunedin and Buller.

Fehi is the second major storm to hit New Zealand this year, and insured losses from extreme weather events have risen to $NZ65.2 million ($60.7 million). Forthcoming data from Cyclone Gita will increase losses further.

ICNZ CEO Tim Grafton says it is important not to lose sight of the cumulative effect extreme weather events can have.

Climate change will bring more frequent, severe storms, he says.