$2.3 billion: The insurance gap for 2023’s bad weather

Climate change impacts could be better measured, said NZIER. (Image: Getty)

Tue, 30 Jan 2024

Economists at the New Zealand Institute of Economic Research say the insurance gap from the 2023 Auckland anniversary weekend floods and Cyclone Gabrielle is $2.3 billion.About one-third of the assets damaged from the two storms was uninsured, NZ Institute of Economic Research (NZIER) economists Roshen Kulwant and Michael Bealing said in a research note on Tuesday.The Insurance Council has already estimated climate change-related disasters cost $3.56b across 120,000 claims.“With private insurers already retreating from areas with high ris...

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