Aon’s latest Weather, Climate and Catastrophe Report revealed 10 catastrophe events in New Zealand last year caused losses of $322.5 million.
The figure was a significant increase on the long term average of roughly $70 million. The catastrophe figures do not include earthquake events.
The 10 year average for cat losses is $180 million.
According to the report, last year was the heaviest loss year for weather perils since 1968. Five out of the top six insured loss years since 1968 have occurred in the last five years, with much of the losses caused by flooding.
The West Coast floods were the most significant cat event last year.
The report said that 2021 was New Zealand’s costliest insured loss year for weather perils since 1968. Five out of the top six insured loss years since 1968 have occurred in the last five years, with a large majority of losses coming from storms and related flooding.
The most significant event of 2021 was July’s West Coast floods, while heavy rainfall in the upper south island from July 16 to 18 also racked up losses.
Aon said: “As with Australia, local climate projections highlight an increased intensity of extreme rainfall in future decades, with significant regional variability.
“Translating these rainfall projections into flooding impacts remains a highly uncertain exercise. Natural variability in the climate system is expected to control future insured losses from weather events over the
next decade.”
