Insured losses from New Zealand’s severe weather events totalled more than $NZ118 million ($113.18 million) last year.

The Timaru hailstorm on November 20 caused losses of $NZ83 million ($79.61 million), making it the third-largest weather event this decade.

“What was looking to be a benign year for extreme events changed in the past few months when we saw some extraordinary losses emerge from unexpected quarters, confirming the value of insurance to cover the unforeseen,” Insurance Council of New Zealand (ICNZ) CEO Tim Grafton said.

Last year was the sixth most expensive year since 2010, with insurers paying more than $NZ1.2 billion ($1.15 billion) for weather-related losses during the decade.

And 2017 was the most expensive year for severe weather events, costing $NZ246 million ($235.94 million).

Mr Grafton says New Zealand is experiencing increasing frequency and severity of storms as climate change progresses.

“Since 2014 we have seen a significant increase in events causing damage in the hundreds of millions,” he said.

“It is clear that we must adapt to the changes we are seeing and take steps to reduce risks where possible to minimise the social and economic cost and impact to us all.”