New Zealand’s extreme weather insured losses reached $NZ167.6 million ($156.89 million) last year, with the bulk of payouts stemming from a hailstorm which lasted just minutes but was the costliest weather event in 15 years.

Claim payouts related to the Timaru hailstorm on November 20 have climbed to $NZ130.75 million ($122.38 million), latest figures from the Insurance Council of New Zealand (ICNZ) show.

That was the highest insured loss for a single weather event since the 2004 lower North Island storms, which affected a much larger region and cost $NZ148.3 million ($138.76 million).

"Events like the Timaru hailstorm show us how quickly costs can escalate,” ICNZ CEO Tim Grafton said.

The overall 2019 insured losses are down from a record payout of $NZ243 million ($227.41 million) in 2017 and 2018’s $NZ226.4 million ($211.89 million), which was the second-highest total since full-year records began in 1969.

The 2018 figure was fattened by cyclones, tornadoes and storms.

Last year, December’s national storm-- including Southern Lakes flooding—cost $NZ17 million ($15.91 million), while storms in Taranaki and Auckland in August cost $NZ7.8 million ($7.3 million).

West Coast wind in March cost $NZ4.09 million ($3.83 million), November’s Christchurch Tornado cost insurers $NZ4.04 million ($3.78 million), while Tasman District fires in February racked up $NZ3.9 million ($3.65 million) in insured losses.