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Claims from recent floods, cyclone may be similar to 2010-11 quakes

Posted On: Mar. 27, 2023 9:51 AM CST

Mark Jones, chief broking officer at Crombie Lockwood (NZ) Ltd., expects the volume of claims from the severe floods that struck Auckland and Cyclone Gabrielle that hit the North Island to be similar to the claims numbers from the Canterbury Earthquakes in 2010-11, Asia Insurance Review reported. Mr. Jones added that while the claims numbers could be similar, the cost is likely to be much lower, but still significant. The quakes cost private insurers over $21 billion New Zealand ($14 billion), according to the Insurance Council of New Zealand.