The economic toll of our summer of storms continues to
mount, with insurance payouts now topping $1 billion, a
number second only to the Christchurch earthquakes, AMI,
State and NZI can reveal.
The country’s largest
insurer has today also called on the new government to
prioritise flood resilience work.
AMI, State and NZI
have released the latest Wild Weather Tracker, which reveals
51,000 claims for the North Island floods and Cyclone
Gabrielle, of which 99% (motor), 97% (contents), and 93%
(home) of claims have now been settled.
Amanda
Whiting, CEO of AMI, State and NZI says, “The number of
claims and payments are only a partial reflection of the
true social and economic cost of these events.
“For
over a decade, we have been clear that New Zealand needs to
take urgent action to keep people safe from the impacts of
natural hazards and climate change.
“If we continue
along this path, and do not act with urgency, New Zealanders
will continue to be exposed to harm.
“It is also
becoming evident to government and communities that a
failure to reduce these risks may impact the long-term
availability and affordability of insurance in some
communities.”
The Wild Weather Tracker reveals that
the economic impact of climate change is mounting overall,
with average claim costs tracking upwards. Hawke’s Bay
($35,000), the West Coast ($30,000) and Gisborne Tairāwhiti
($21,000) are the country’s top-ranking regions for
weather-related claim costs. *
Advertisement – scroll to continue reading
“This is a time of
transition,” says Ms Whiting. “We need to ensure that we
work together to prevent future storms having the same
impact. There is some good work underway, and we have been
pleased to contribute to working groups on natural hazard
risk reduction, climate change adaptation, managed retreat,
and of course, the ongoing work with the Cyclone Recovery
Taskforce.
“It is critical that that work
continues.
“We believe that the best way to keep
insurance available and affordable is by reducing natural
hazard risk through good planning decisions, investment in
protection and resilience measures, and where necessary,
through relocating people away from at-risk
properties.
“My message to our new government would
be to prioritise this important
work.”
© Scoop Media
Advertisement – scroll to continue reading
