Insurance rates likely to increase following floods

Mel Gorham, chief executive of the Insurance Brokers Association of New Zealand Inc., has warned business owners about the possible increase in premiums after destructive floods hit Auckland, RNZ reported. Suncorp Group Ltd., Tower Insurance Ltd. and Insurance Australia Group Ltd. have already received more than 12,000 claims for flooding damage. The warning follows a recent survey of Maori business network Whariki Aotearoa Ltd.’s 3000-odd members that found up to 60% of them were uninsured.