‘It could be you’: Insurer warns wild weather claims are much more common

New Zealand’s largest general insurer says the number of weather-related claims it receives has increased by 30% in the past six months, and that trend is

Wayne Tippet, general manager of claims at IAG, the parent company of AMI, the state and NZI, said the frequency of severe weather is increasing, and so is the cost of claims.

“It’s happening all over the country, I see it in the claims data. It might not be you today, but it might be you tomorrow,” Tippet said.

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IAG recorded 74 major storms between 2017 and 2021, more than double the 37 storms recorded in the previous four years.

Severe weather events, such as the West Coast flooding in July 2021, resulted in claims in 3011 costing $80 million.

In 2021, more than 54,040 property damage claims were related to extreme weather conditions, 40% more than the previous ten-year average.

According to IAG Managing Director Wayne Tippet, as the frequency of severe weather increases, so does the cost of claims.

Provided

According to IAG Managing Director Wayne Tippet, as the frequency of severe weather increases, so does the cost of claims.

Last year Canterbury was the hardest hit region, accounting for 21% of all weather claims.

The Auckland and Waikato regions followed closely with 15% each, and Wellington with 11%.

“These events are multiplying, they are getting worse. We’re talking about people’s lives here. Floods are not risk-free events. People must therefore be prepared and know how they will react.

He said the changing weather conditions would not change the way the insurer handled claims, but it was always something customers should keep in mind.

“The insurance side does not change, the world changes. Everyone should take note. »

IAG has launched a tool called Wild Weather Tracker, an app that provides regular analysis of insurance claims data to ensure people are prepared for severe weather events.

Tippet said he hopes the app will show users severe weather conditions and likely claims in their geographic areas.

“Insurance usually helps after the event. The problem of how to highlight the impact of these events, before they happen, is what we tried to do with the weather tracker.

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