IAG received 51,000 claims across its AMI, State and NZI brands after destructive North Island floods and Cyclone Gabrielle struck early this year, and has so fair paid out more than $NZ1 billion ($924 million) for the two events. 

That was more weather-related claims than IAG received for the whole of New Zealand for the previous two-and-a-half years, and second only to the Canterbury earthquakes in claims generation. 

The insurer says 99% of motor, 93% of house and 97% of contents claims have been settled. 

“Call volumes hit unprecedented levels, up to 55% higher than normal for seven consecutive weeks,” IAG said in its latest Weather Tracker report.  

IAG set up in-person claims support in the hardest hit areas, and said its assessing division focused on stripping and drying homes quickly to reduce risks of mould and mildew. CEO Amanda Whiting says New Zealand needs to take urgent action to keep people safe from the impacts of natural hazards and climate change. 

“A failure to reduce these risks may impact the long-term availability and affordability of insurance in some communities,” she said. 

The Wild Weather Tracker says the “economic impact of climate change is mounting” as average claim costs tracking upwards. 

"The best way to keep insurance available and affordable is by reducing natural hazard risk through good planning decisions, investment in protection and resilience measures, and where necessary, through relocating people away from at-risk properties,” Ms Whiting said.  

See the Tracker here.