An expensive year for bad weather

It’s been reported that 2013 was the most expensive year on record since 2004 for weather related damage.

More than $174 million in insurance was paid out in 2013, with a significant amount of this generated by the September storm that hit Canterbury which cost insurers $74.5 million.

The Insurance Council of New Zealand’s chief executive Tim Grafton told One News "This underlines the need for New Zealand to focus on pre-disaster mitigation and adaptation strategies to minimise economic losses and social disruption."

Tables of natural disasters in New Zealand since 1968 along with the cost to the insurance industry can be found at http://icnz.org.nz/statistics-data/the-cost-of-disaster-events/

Source:  http://tvnz.co.nz/national-news/bad-weather-costs-insurers-174m-5811345