Good progress being made on claims: ICNZ

A109 Light Utility Helicopter flight with mayor Gisborne City from the air in November 2023.

More than 70 percent of insurance claims for cyclone-damaged homes here have been resolved, latest data from the Insurance Council of New Zealand shows.

A total of 991 homes were subject to a residential dwelling claim here at an estimated damage value of $49.8 million.

To date, 714 claims have been completed, resulting in $33.98m paid out while 277 claims remain open, accounting for $15.82m in property damage from Cyclone Gabrielle.

“Really good progress has been made on settling claims,” Insurance Council NZ chief executive Tim Grafton said. “Insurers are committed to finalising the remaining claims with their customers. We know some homeowners are waiting to settle until more is known about their local council voluntary buyout offer. Our message to homeowners is that your insurance claim needs to be completed before starting the property purchase process.

“As people will not be financially advantaged or disadvantaged by waiting, we encourage people to continue to work with their insurer to finalise their claim.”

In addidtion to residential property damage claims, 582 claims were made for contents damage and ICNZ confirmed 529 had been resolved, with payouts totalling $11.1m.

A large number of business insurance claims were also made. Of the 715 claims, 529 had been resolved, resulting in payouts of $12.725m

Motor insurance claims paid out to date amount to $4.135m, with 352 out of 389 claims resolved.

Marine insurance claims paid out amount to $39,373, with two out of four claims resolved.

Other insurance claims paid out to-date amount to $794,722, with all but one of the 40 claims resolved.

Nationally, insurers have fully settled 87 percent of all private insurance claims from the Auckland Anniversary weekend and Cyclone Gabrielle weather events.

The two events are separately the two largest insurance weather events in the nation’s history. Insurers have settled 99,798 of 115,353 claims valued at $3.6bn.

“The $2.7 billion paid out to December 1 covers 87 percent of claims by volume and around 75 percent by value,” Mr Grafton said.

By value, residential house claims are 84 percent, contents 95 percent and motor 99 percent fully settled.

“The nature of business interruption claims means payments are spread over time and so progress is tracking as expected (75 percent by number and 57 percent by value).”