Insurers' storm bill likely to exceed $57 million

The Insurance Council of New Zealand said that local insurers are likely to receive more than $80 million New Zealand ($57.5 million) worth of claims following three major storms so far this year, NZHerald.co.nz reported. More than NZD 65 million of claims have been made so far, according to the council. The January storm cost insurers nearly NZD 27 million, while cyclone Fehi, which struck the country on Feb. 1, cost NZD 38.5 million. A spokeswoman for the council said that cyclone Gita, which hit New Zealand on Feb. 20, is likely to cost insurers up to NZD 30 million.

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