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).

Tuesday 07 March 2023 | 04:50

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.