Timaru hailstorm costly for insurers

The South Canterbury city of Timaru is now famous for something other than being the birthplace of Phar Lap, although being the home of the second most expensive weather event of the century is not something locals will appreciate.Insurance Council of New Zealand members paid $167.6 million in weather related claims last year, of which about $131 million were related to November’s destructive Timaru hailstorm with $4 million paid for Christchurch’s tornado, also in November.That payment - which equates to $2,700 for each resident in...
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