The staggering insurance cost of New Zealand’s natural disasters

In 2017 to date the Insurance Council NZ reports New Zealanders have made $175 million in insurance claims for damage or loss as a result of natural disasters.

Cyclone Cook, Cyclone Debbie and the Port Hills Fires are just some of the events that have contributed to that number.

The priority should always be looking after your personal safety and that of your family.  However, you should also consider business insurance against New Zealand's natural disasters.

 

The cost of natural disasters

The Canterbury Earthquake is modern New Zealand's most costly natural disaster by far.

  • The Reserve Bank's estimates put the total cost of construction at over $40 billion, including over $16 billion worth of commercial rebuilds.
  • The ICNZ's data shows that roughly $10 billion has been paid out to date to commercial claimants, suggesting there may have been over $6 billion in commercial construction that has or will come out of the pockets of private businesses.

 

Business insurance against natural disasters in New Zealand

Even minor events can be costly if you're not property insured.

If a natural disaster or weather event were to occur, your business's property, stock and equipment could be damaged or lost.  A good broker will help you plan for such events by making sure you have an appropriate insurance solution in place.

If you're unsure about your cover or are asking yourself if you need material damage insurance or business interruption insurance in NZ, get in touch with the team here at Rothbury Insurance Brokers.

Our company was started way back in 1950 by enterprising Kiwis just like you, and we've been helping and protecting New Zealand businesses just like yours ever since.


Greg Greenwood

About the Author

Name: Greg Greenwood        

I'm the South Island Operations Manager at Rothbury Insurance Brokers and live in Christchurch.  I have a portfolio of commercial clients, many who have been my clients for years. My experience of earthquake claims and issues is called…
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I'm the South Island Operations Manager at Rothbury Insurance Brokers and live in Christchurch.  I have a portfolio of commercial clients, many who have been my clients for years. My experience of earthquake claims and issues is called upon frequently to assist clients and those needing insurance advice in the region.  I am also the Chairman, Canterbury region for IBANZ (Insurance Brokers Association NZ).

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Disclaimer: The articles published on this blog are designed to provide general information and do not take into account any individual’s particular circumstances. We recommend that you obtain professional advice on your requirements before making any decision about a financial product.

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