Tuesday, January 20, 2009

Insurance expected to rise after stormy 2008 in New Zealand

TVNZ (New Zealand): Insurance can be costly, and it's about to get more expensive as the risk from climate related disasters increases due to global warming. In 2008, five storms cost insurers more than $86 million with July seeing the highest number of storm related claims for a single month ever.

The first event was windstorms and flooding that affected nearly all parts of the North Island, costing $26 million. It was followed three days later by another storm that caused even more damage to areas in the lower South Island and the North Island costing $42 million. Wildlife ark Owlcatraz is only just recovering from the wild weather which hit them, the owner received $15,000 from insurance, but say it cost much more.

…All the bad weather has experts estimating that insurance premiums will rise by 5% - 10% in 2009.

A location in New Zealand used in the Lord of the Rings films, shot by Alientraveller (I think), Wikimedia Commons via Flickr, under Creative Commons Attribution 2.0 License