The mounting cost of extreme weather

The frequency of extreme weather events, especially floods, is increasing. (Image: Getty)

Mon, 03 Oct 2022

The costs of more frequent and severe weather events are starting to mount for New Zealand insurers.They have paid out more than $200 million in claims resulting from extreme weather events in each of the past six years, according to a BusinessDesk analysis of Insurance Council data.Prior to 2013, the annual cost of such events rarely passed $100m, on an inflation-adjusted basis.The exception was 1968, the year of Cyclone Giselle and the Wahine disaster.Last year was the most expensive year on record, with $324 million paid out. So far in 2022,...

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