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International

Catastrophe payouts pressure insurers in New Zealand

February 14, 2018 Reprints

A substantial increase in the number of claims and claims payouts is testing the industry’s ability to keep up with natural disasters, Stuff.co.nz reported. Insurers settled more than $2.5 billion New Zealand ($1.8 billion) worth of claims related to natural disasters in 2017, according to the The Insurance Council of New Zealand. Ilan Noy, a disaster economist, said that the increase in claims is likely to lead to a rise in insurance premiums.

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Catastrophe payouts pressure insurers in New Zealand

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