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New Zealand: Cost of storms is pushing up premiums, insurance brokerage says
Backers of insurance companies have labelled New Zealand as a "high risk" location for storms and flooding, an industry source says.
As more stormy weather works its way along the country this week, insurance brokerage NZbrokers is highlighting the need for businesses to recognise the weather-related risks they face.
Jo Mason, chief executive of NZbrokers, said the number of storm and flood insurance claims has risen 56 per cent in New Zealand over the last three years, pushing up the cost of claims to insurers by 70 per cent.
As a result, the international Global Facility for Disaster Reduction and Recovery – which evaluates the threat of natural disasters in countries around the world – had ranked New Zealand at a "high hazard" level for most flooding and cyclone events.
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