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International

New Zealand: Cost of insured damage from June storm reaches $25.5 million

July 30, 2014 Reprints

The storm in June that lashed Auckland and North Island in New Zealand has cost insurers $30 million New Zealand ($25.5 million), reports The New Zealand Herald.

Tim Grafton, chief executive of the Insurance Council of New Zealand, said the amount took the overall insurance cost from harsh weather events in 2014 to $107 million New Zealand ($91 million).

Mr. Grafton said "at the same point last year, insurers had paid out $103 million New Zealand ($87.6 million) for insured damage from severe weather events."

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New Zealand: Cost of insured damage from June storm reaches $25.5 million

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