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Severe weather lashes NZ insurers

Insured damage from New Zealand’s June 9-11 storm totalled $NZ30 million ($27.2 million), taking this year’s bill for severe weather to $NZ107 million ($97.1 million).

This time last year insurers had paid out $NZ103 million ($93.5 million) for weather-related damage, the Insurance Council of New Zealand (ICNZ) report says. 

Insurers fear this year’s total could top last year’s $NZ174 million ($158 million).

CEO Tim Grafton says the figures for this year are provisional. ICNZ has yet to tally figures for a June 25 storm in the Nelson and Tasman region and a July 8-11 storm that caused flooding in Northland.

“This year looks likely to be another costly [one] for New Zealand from severe weather events,” he said.

The June 9-11 storm caused most damage around Auckland and the east coast of the North Island. Insurers paid $NZ18 million ($16.3 million) on more than 6000 domestic claims and $NZ9.5 million ($8.6 million) on commercial material damage claims.