Extreme flooding in New Zealand’s North Island over the weekend will be the largest ever weather-related claims event for Auckland – and likely for the whole of New Zealand, the Insurance Council of New Zealand (ICNZ) tells insuranceNEWS.com.au.  

Insurers have already received thousands of claims after the floods, which have killed four and were described by New Zealand’s Prime Minister Chris Hipkins as “unprecedented”.  

“It is in no doubt the largest single extreme weather event this country has faced,” ICNZ CEO Tim Grafton said. “This is a very significant event which will result in a lot of claims.” 

Auckland, where home values average more than $NZ1.3 million ($1.2 million), received around 75% of its typical summer rainfall in just 15 hours, landslides were threatening properties and thousands were without power. 

Another Severe Weather Warning is in place for Tuesday into Wednesday, with a further 80mm of rain forecast in the Auckland area, with up to 120mm possible in some places.  

By early morning, IAG had received more than 5000 claims across its AMI, State and NZI brands, while Suncorp said around 3000 claims had been received across its Vero and AA Insurance brands.  

Both say the number of claims is expected to rise further over coming days. 

“The tragic loss of life and the vision of the damage to Auckland is devastating,” IAG MD and CEO Nick Hawkins said.  

“Our Major Event Response team has been supporting customers since Friday night, with temporary accommodation and other emergency support. We have a large team ready to help people with their claims and we will have our assessors on the ground in affected areas as soon as it is safe to do so.” 

IAG says it may review its estimate for annual natural peril costs in response to the floods. 

Suncorp is sending additional claims management resources from its Australian operations to help its local team and speed up the claims process. Suncorp’s reinsurance provides additional protection for New Zealand losses which it says will cap its losses from this event at $NZ50 million ($46 million), net of reinsurance cover. 

Suncorp New Zealand CEO Jimmy Higgins says he was on the ground with customers over the weekend and spoke with local politicians.  

"I got up in a chopper to get an aerial view with our engineers, to give us a view of the damage and identify contributing factors like blocked drains – water coming up from drains,” he said on LinkedIn. “Our Suncorp Australia team are stepping up today to support us in helping the huge volumes of customers in need.  

“The weather looks to be continuing ... so please stay safe out there.” 

Tower has received around 1900 claims - 1000 house claims and the rest motor and contents. Though it expects to receive further claims, Tower says its reinsurance arrangements are “robust” and its full-year earnings guidance is unchanged.

“Tower is well prepared to respond to such large-scale events and is in a strong position to support the recovery,” CEO Blair Turnbull said. "We have bolstered resourcing in our contact centres and have assessors on the ground.”

The National Institute of Water and Atmospheric Research (NIWA) says the Māngere station near Auckland Airport has already recorded more than 38% of its annual rainfall, and around eight times its normal January rainfall – a record for that month and close to the highest for any month ever recorded. 

“Auckland is currently challenging the record for the wettest month ever. With more rain today and tomorrow, this formidable record may also be toppled ... Another 10-15mm of rain to break the all-time monthly record,” it said.