Insurers have successfully settled 87% of all private insurance claims stemming from the Auckland Anniversary weekend and Cyclone Gabrielle weather events, according to the Insurance Council of New Zealand (ICNZ).
These two incidents stand out as the largest insurance weather events in Aotearoa’s history, leaving a notable impact on property and assets across the region.
The latest statistics reveal that insurers have resolved a substantial portion of the claims, reaching a total of 99,798 settlements out of 115,353 claims, ICNZ noted.
The monetary value of these settlements is NZ $2.7 billion, accounting for a substantial portion of the overall claims totaling NZ $3.6 billion.
Insurance Council Chief Executive, Tim Grafton, expressed satisfaction with the progress made, stating, “Really good progress has been made on settling claims. Insurers are committed to finalising the remaining claims with their customers.”
He emphasised the importance of homeowners completing their insurance claims before initiating any property purchase process. Some homeowners are reportedly awaiting more information about local council voluntary buyout offers before finalising their claims.
The breakdown of the settlements by value illustrates the substantial coverage provided by insurers. Residential house claims lead with an impressive 84% settlement rate, followed closely by contents claims at 95%, and motor claims at an impressive 99% fully settled.
However, the nature of Business Interruption claims has resulted in a different pattern of settlements. Given the spread of payments over time, progress for Business Interruption claims is tracking as expected, with 75% settled by number and 57% settled by value.
