Cyclone, floods cost will run into billions, Insurance Council says

The damage has been felt far and wide. (Image: Getty)

Fri, 17 Feb 2023

The economic cost of the Auckland and Northland floods and Cyclone Gabrielle will run into the billions of dollars, and eclipse all of last year’s losses, says Insurance Council chief executive, Tim Grafton. The industry group’s chief made the warning in his submission to Parliament’s environment select committee, which is considering the draft Natural and Built Environment Bill – one of two pieces of law to replace unwieldy resource management legislation.Grafton said the two events of this year will have exceeded...

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