INSURERS COUNT THE COST OF NEW ZEALAND STORMS

Insurers are facing a bill of around NZ$50m from the storms that have battered New Zealand in recent weeks. Rainfall in July almost broke the record for the wettest month in the country as some regions received more than double the average amount of monthly rainfall while two particularly intense storms damaged property and killed four people. High winds of around 170kmph hit Northland and Auckland last week, cutting power to thousands of homes and businesses. The Insurance Council of New Zealand has estimated the current level of claims at NZ$25m but said they would be monitoring the claims over the coming weeks as the figure rises to an expected NZ$50m. However it is thought that many claims have not been made yet, and of those submitted to their insurers in the country the damage is such that access is difficult for insurance personnel, despite claims managers being sent out across New Zealand.