Jan 2023 Auckland floods cost insurers at least US$69m to date

Insurers have paid around NZ$111m ($69m) for the Auckland Anniversary Weekend flood event that started on 27 January 2023, according to provisional general insurance claims data released by the Insurance Council of New Zealand (ICNZ).

“While it is still early days, around NZ$111m of insurance support has already been paid into communities as part of what will be a long recovery,” said ICNZ chief executive Tim Grafton.

In total, around 48,000 claims have been lodged for that event to date and insurers expect to provide over NZ$1bn in supporting people impacted by the flooding between 27 January and 2 February 2023.”

The total includes over 36,000 home and contents claims valued at around NZ$565m, 3,800 commercial claims valued at around NZ$320m, and 7,500 motor claims worth NZ$109m.

Payments to date concern around 11% of claims. While most claims will be concluded in a matter of months, it’s clear many homes and commercial buildings will require work, and in many cases re-builds, that, even in the best of times, would take many months to over a year to complete, the ICNZ says.

In addition, around 30,000 claims have been lodged as a result of Cyclone Gabrielle which hit New Zealand from 12 to 16 February.

These two events over the space of around a fortnight have resulted in around twice as many claims as made as a result of the 2016 Kaikoura earthquake.