The Insurance Council of New Zealand (ICNZ) on Wednesday reported that insurers have settled 106,891 of the 117,414 private insurance claims (91%) related to 2023’s Auckland Anniversary weekend and Cyclone Gabrielle.
In terms of value, NZ$3.06bn of the estimated NZ$3.75bn, or 82%, has been disbursed to claimants.
The distribution of settled claims shows a high rate of resolution, with 92% of residential house claims and 94% of contents and motor claims fully settled.
“Insurers have made good progress in getting into the 90% range and providing those affected with some certainty after the sheer scale and damage caused by last year’s extreme weather events,” said Tim Grafton, Chief Executive of the Insurance Council of New Zealand.
The claim settlement process has faced complexities and challenges.
Delays were reported in assessing some areas and properties due to the extreme weather conditions. Additionally, the shortage of geo-tech specialists and council-led recategorization processes have hindered the timely settlement of land claims under the Earthquake Commission Act.
“The impact of the events has been complex and challenging and has affected the timing of the resolution of claims” Grafton said.
Homeowners awaiting buyout offers still face uncertainty regarding the final categorisation of their properties and its implications for repairs. Grafton emphasised the industry’s commitment to resolving the remaining claims.
“The industry is committed to finalising the remaining claims and providing certainty for those affected as quickly as possible, and we encourage people to continue talking with their insurers about their claim,” Grafton said.
