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International

Storm, flood insurance claims rise nearly 60%

January 04, 2018 Reprints

Jo Mason, chief executive of New Zealand-based insurance broker NZbrokers Management Ltd., said that the number of storm and flood insurance claims grew 56% in the last three years, pushing claims costs up 70%, Stuff.co.nz reported. Insurers paid more than $265 million New Zealand ($188 million) for 15 weather events in the last 18 months, with the largest payout being NZD 91.4 million for cyclone Debbie. The Global Facility for Disaster Reduction and Recovery has ranked New Zealand at a "high hazard" level for most floods and cyclones.

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Storm, flood insurance claims rise nearly 60%

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