“Few and far between” wouldn’t be the phrase to describe the natural disasters that are hitting New Zealand with increased severity and frequency – and in a country that is prone to a range of these hazards, Aon says catastrophe modelling is of extreme importance. Similarly, insurance brokers have a crucial role to play if insureds are to be resilient.
As cited by Aon in its 2021 Weather, Climate, and Catastrophe Report, the aggregate insured loss from the 10 catastrophe events in New Zealand last year was “well above” the long-term average for NZ, which does not include losses from earthquakes.
In terms of weather perils, 2021 was the costliest insured loss year for the country since 1968 – the year that the Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ) started keeping records.
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