Reinsurance News
Insurance Council of New Zealand
NZ insurers face estimated $3.18bn loss from Auckland floods & Cyclone Gabrielle
22nd June 2023
Data from the Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ) reveals that insurers face an estimated loss of $3.18 billion from claims arising from the impacts of the Auckland Anniversary Weekend floods and Cyclone Gabrielle in February. So far, $1.08 billion of the total insured loss ... Read the full article
Cyclone Gabrielle claims reach $890m: ICNZ
24th March 2023
Cyclone Gabrielle, which impacted parts of New Zealand last month, has generated around 40,000 claims so far worth a collective $890 million, according to the Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ). Provisional general insurance claims data for Gabrielle released by ICNZ shows that about $70 million ... Read the full article
New Zealand insurers’ payouts for Auckland floods reach $111mn: ICNZ
7th March 2023
According to provisional general insurance claims data released by the Insurance Council of New Zealand (ICNZ), insurers have paid around NZ$111 million for the Auckland Anniversary Weekend flood event that started on January 27, 2023. “While it is still early days, around $111 million of insurance support has already been paid ... Read the full article
New Zealand claims payouts for extreme weather approaching $200m in H1 2022
1st August 2022
Data released by the Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ) says that total insurance payments for extreme weather events is already nearing $200m in H1 2022. This compares to last year, when a total of $324m was paid out—an annual record at the time. This new data ... Read the full article
ICNZ challenges practicality of post-disaster property repairs
4th April 2019
The Insurance Council of New Zealand (ICNZ) has challenged the expectation that re/insurers or the government should return properties to the condition that they were in before being hit by disasters. Speaking with Insurance News, ICNZ’s CEO, Tim Grafton, said that a national conversation was needed across New Zealand to address ... Read the full article
Insurance payouts for extreme NZ weather events hit $226m for 2018
14th December 2018
Insurers have spent more than $226 million this year helping customers recover from extreme weather, according to data from the Insurance Council of NZ (ICNZ). The severe weather stats put 2018 as the second most expensive year for severe weather events since 1969, with 33,064 claims costing $226.4 million. It fell just ... Read the full article
ICNZ raise Canterbury Earthquakes tribunal concerns as losses rise to $22.3bn
3rd August 2018
The Insurance Council of New Zealand (ICNZ) has raised concerns regarding a Parliamentary Bill that proposes to establish a Tribunal for claims relating to the 2010-2011 Canterbury Earthquakes, as total insured losses for the event are now projected to creep up to AUD $22.3 billion (USD $16.4 billion). While the vast ... Read the full article
Climate measures proposed as New Zealand’s April storm losses reach $72mn
4th June 2018
Insured losses from New Zealand’s recent April storms have reached NZD $72 million (USD $50 million), prompting a boost in funding to the country’s emergency response section and a series of climate resilience measures, according to the Insurance Council of New Zealand (ICNZ). The storm battered New Zealand’s North Island over ... Read the full article
New Zealand storm inflicts over NZ$34m cost to insurers
18th May 2018
More than 4,200 claims and close to $34.2 million (US$23.4 million) in cost to private insurers has been announced by the Insurance Council of New Zealand (ICNZ) as a result of the storm that hit in early January, sparking evacuations and power cuts. ICNZ Chief ... Read the full article
New Zealand’s Cyclone Fehi to result in insured losses of more than $39mn
26th March 2018
The Insurance Council of New Zealand (ICNZ) has revealed that claims from Cyclone Fehi, which hit the country on February 1st, 2018, have already cost re/insurers almost NZ $38.5 million (US $28 million), with additional claims anticipated as more damage emerges. Cyclone Fehi battered New Zealand’s North and South Islands with ... Read the full article
April Cyclones in New Zealand drive $109 million insured loss total
31st August 2017
The two cyclones that hit New Zealand in April have left insured costs of $109 million, making this year the most significant the country's seen for severe weather events in over 40 years, the Insurance Council of New Zealand reported today after collating final claims data. This figure makes the cyclones the ... Read the full article
‘Tasman Tempest’ storm drives NZ$62 million insured loss
19th July 2017
A storm that struck Auckland and the Coromandel, New Zealand over the 7th and 12th of May, 2017, has resulted in an insurance industry loss of NZ$62 million (roughly US$46 million), an increase of almost 48% from the provisional estimate, according to the Insurance Council of New Zealand (ICNZ). The storm, ... Read the full article
Claims from Kaikoura earthquake reach NZ$1.84 billion
26th June 2017
The Insurance Council of New Zealand has revealed that total insurance claims from the November, Kaikōura earthquake has reached NZ$1.84 billion (approximately US$1.33 billion), as at 31st May, 2017. The majority, NZ$1.36 billion (approximately US$980 million) is for commercial losses, with residential claims totalling more than NZ$460 million (approximately US$333 million), according ... Read the full article
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