April's storm insurance costs top $46.2m

Flooding in Richmond, Nelson. Photo / David RS Greer / WeatherWatch
Flooding in Richmond, Nelson. Photo / David RS Greer / WeatherWatch

Insurance costs for damages caused in the April storms have come to $46.2 million, the Insurance Council says.

The Nelson and Tasman district was the most badly damaged, with insured costs totalling $33.7 million in the region. The cost was split evenly between residential and business premises. In the Bay of Plenty insured costs came to $11.5 million - nearly two-thirds of which covered damage to residential property. Insured damage in Waikato came to $1 million.

Insurance Council chief executive Tim Grafton said some areas of the country, which had proved particularly susceptible to flooding, risked becoming more vulnerable in the future due to climate change.

"Insurers encourage communities, businesses and local government to plan and adapt in ways that will reduce the impact of natural disasters. This in turn will help keep insurance affordable for all and ensure a rapid recovery after disaster hits," he said.

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