Source: ICNZ
We all understand that insurance premiums are rising in large part due to the many natural disaster and weather related events that seem to be happening more frequently around the country.
But did you know New Zealand has experienced more than 150 severe weather events and natural disasters since the Insurance Council of NZ (ICNZ) began keeping records in 1968?
Natural hazards cost New Zealanders millions of dollars. Fortunately, New Zealand property is extremely well insured compared to other countries, which means the insurance industry bears most of the costs when disaster strikes.
ICNZ have provided a table which lists natural disasters that have occurred in New Zealand since 1968, and the cost to the insurance industry in paying claims for damage resulting from those events. This table has been updated with inflation-adjusted costs, as at 30 June 2023. The costs are exclusive of GST.