New Zealand insurers are also paying out plenty of weather-related claims. June’s snowstorm over Canterbury and surrounding districts resulted in $NZ42.5 million ($36.9 million) of claims.

Insurance Council of New Zealand CEO Chris Ryan says the event took insurers by surprise. “Snow is generally nowhere near as dangerous as floods,” he told Sunrise Exchange News.

The June 12 event involved intense falls. The heavy snow froze on buildings and items of equipment, which were damaged by the weight. The snow also stayed on the ground for much longer than usual, adding business interruption claims to insurers’ woes.

Mr Ryan said many insurers made specific mention of the snowstorm in their annual reports. They said global climate change was one possible cause.

But there is no plan to adjust premiums to account for the increase in perceived threat. Mr Ryan says actual claims are only a small part of an insurer’s pricing strategy. “In New Zealand, like Australia, premium charges are driven by offshore factors and competition.”