Friday, July 1, 2022

Insurance claims rolling in

Weather insurance claims are starting to roll-in after last week’s storm.

New Zealand's leading rural insurer FMG has so far received 207 weather-related insurance claims with an initial, estimated cost expected to top $1 million.

Of those claims, about 86 have been for damage to farm buildings and 68 to domestic dwellings. One claim alone is for a total loss of a farm building estimated at $240,000.

Most claims have come from the top and lower parts of the South Island with others from the Wellington area.

"To make sure we get to clients as quickly as we can we've moved assessors from other parts of the country to help out in weather-affected areas," FMG general manager for advice and insurance Conrad Wilkshire said.

“We’ve also boosted the claims team at our service centre in Palmerston North, which is experiencing a steady but manageable increase in call numbers.

“While we expect more claims in the coming weeks, the number we’ve received so far is lower than we’d normally anticipate for an event like this, which we put down to a number of factors.

"Many of our rural clients have managed and mitigated risks themselves on the farm which we applaud, as risk management is something we work hard to promote.”

Wilkshire said storm warnings issued by the MetService were another factor in reducing the number of claims.

“Farmers are resilient people and this early warning would have helped many to move stock and to also offer support to their neighbours, which is fantastic,” he said.

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