The Insurance Council of New Zealand (ICNZ) says insurers have fully settled about 87% of all private insurance claims relating to Cyclone Gabrielle and the North Island floods.   

The record-breaking weather events devastated parts of New Zealand in late January and early February. The floods accounted for $NZ1.9 billion ($1.77 billion) in estimated insured losses, while Cyclone Gabrielle saw $NZ1.7billion ($1.58 billion) in losses.  

The ICNZ says 99,798 of 115,353 claims have been settled, with insurers paying upwards of $NZ2.7 billion ($2.52 billion) of the estimated $NZ3.7 billion ($3.45 billion) valuation of all claims as of December 1.  

Nearly half of the losses were associated with residential home claims, of which 84% by valuation have been closed, while 95% of contents claims and 99% of motor claims have been settled.   

Significant costs were also associated with business losses, with about 57% by valuation having been settled. The ICNZ says the nature of business interruption claims results in payments being spread over time.  

ICNZ CEO Tim Grafton says insurers have made “really good progress” in handling claims and encourages policyholders to continue working with insurers to help settle their claims.   

“Insurers are committed to finalising the remaining claims with their customers,” Mr Grafton said.  

“We know some homeowners are waiting to settle until more is known about their local council voluntary buyout offer. Our message to homeowners is that your insurance claim needs to be completed before starting the property purchase process. 

“As people will not be financially advantaged or disadvantaged by waiting, we encourage people to continue to work with their insurer to finalise their claim.”