Cyclone Gabrielle Floods To Cost Insurance Industry More Than $1 billion
Auckland: The insurance industry is expecting the upper North Island floods to cost it more than NZ$1 billion (FJ$1.37b).
07 Mar 2023 17:50
Gisbourne, New Zealand couple Tu Ben and Sarah Aperahama infront of their compound
after the recent floods in New Zealand. Photo: RNZ Pacific
Auckland: The insurance industry is expecting the upper North Island floods to cost it more than NZ$1 billion (FJ$1.37b).
Insurance Council head Tim Grafton said insurers had already paid out about NZ$111 million (FJ$153m) and expect the bill to keep rising.
So far, about 47,300 claims have been lodged for the floods over Auckland Anniversary weekend, covering houses, contents, cars and businesses.
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Source: RNZ Pacific
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