Australia’s IAG receives over 5,000 claims after New Zealand floods

FILE PHOTO: Stranded vehicles are seen during heavy rainfall in Auckland, New Zealand January 27, 2023, in this screen grab obtained from a social media video. @MonteChristoNZ/via REUTERS/File Photo

(Reuters) – Insurance Australia Group’s New Zealand divisions have received over 5,000 claims so far following severe storms and flooding across the country, it said on Monday.

“The number of claims is expected to rise further over the coming days, with the event still unfolding and as customers identify damage to their property,” IAG said in a statement.

New Zealand’s death toll from heavy rain rose to four on Sunday as flash floods and landslides on the north island continued. Battered since Friday, Auckland, New Zealand’s largest city, remains under a state of emergency.

“Of significant interest to us all today is the weather situation over the coming days. More rain today may cause further issues with our recovery,” Auckland Emergency Management duty controller Rachel Kelleher said on Sunday.

The insurer noted that it was too early to determine the financial impact of the floods, and said IAG may review its A$909 million ($645 million) estimate for fiscal year 2023 natural peril costs once the situation becomes clearer.

IAG has extensive reinsurance arrangements in place for natural peril catastrophe event, it said.

IAG received 24,000 claims in the first 3 days of flooding in Sydney and New South Wales last year.

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