IAG Wild Weather Tracker, Nov 2023

New Zealand’s Leading Insurer Urges Government Action on Flood Resilience

New Zealand’s most prominent insurance provider, IAG, has called on the newly formed government to make flood resilience a top priority. This appeal comes in the wake of insurance claims exceeding $1 billion due to the summer storms, including the North Island floods and Cyclone Gabrielle. These figures are second only to the costs incurred by the Christchurch earthquakes.

IAG (initio is backed by this insurance giant), have shared insights from their latest Wild Weather Tracker. This report discloses the settlement of a staggering 51,000 claims related to these weather events. The data reflects high settlement rates across various categories including motor, contents, and home insurance.

The Wild Weather Tracker also sheds light on the rising economic impact of climate change, noting an upward trend in average claim costs. Regions like Hawke’s Bay, the West Coast, and Gisborne Tairāwhiti have emerged as the most affected in terms of weather-related claim costs.

For a detailed view of the November 2023 Wild Weather Tracker, visit IAG’s website.