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Weather related insurance claims have soared

Author
James Michie,
Publish Date
Thu, 4 Jan 2018, 3:21pm
Edgecumbe was significantly hit by Cyclone Debbie last year. (Photo / File)
Edgecumbe was significantly hit by Cyclone Debbie last year. (Photo / File)

Weather related insurance claims have soared

Author
James Michie,
Publish Date
Thu, 4 Jan 2018, 3:21pm

As another storm lashes New Zealand, fresh insurance data shows the number of weather related claims has increased significantly.

Storm and flood related claims have risen by 56 per cent over the past three years.

CEO of New Zealand Brokers Jo Mason said the increasing frequency and geographic spread of events show every business in New Zealand should be prepared.

"Insurers have actually paid more than $265 million for 15 serious weather events in New Zealand, and that's just in the last 18 months."

With New Zealand now ranked as a "high hazard" country for natural disasters by the Global Facility for Disaster Reduction and Recover, it was of particular concern that ocean temperatures were among the warmest on record and global sea levels continued to rise.

READ MORE: Live: Wild weather - Flooding reported, raft of warnings issued

"While we were already rated as a high risk for seismic activity, now storm and flood losses in our market are on their radar as well," Mason said.

"At the same time, data from the World Meteorological Organisation is projecting the number of weather disasters will continue until the 2060s."

The figures showed no particular regions of New Zealand were at greater risk more than others, Mason said.

"Weather events may cost less than a serious seismic event but the increasing frequency and geographic spread of events show every business in New Zealand should be prepared," she said.

Much of the country is bracing for a rough 48 hours as a storm packed with the intensity of an ex-tropical cyclone sweeps across the North Island and top of the South Island.

Civil Defence is on high alert as the top of the North Island prepares for a pummeling from ferocious winds, torrential rain and enormous waves.

- with content from NZ Herald

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