ICNZ: Recovery from Tornado Experience Insured Customers Claim NZ$10.8 million | NZ Market Update

On 26 August 2020, Insurance Council of New Zealand (ICNZ) reported that the preliminary stats for the storm and tornado that frayed across the upper North Island on 26-27 June have witnessed insured losses reach NZ$10.8million. Tornado and ferocious winds ushered widespread damage across the greater Auckland province, with ~1,100 claims received to date by insurers. Notably, Insurers have been aiding their customers’ recovery since late June, including ~ 150 commercial and business-related claims and more than 850 residential house and contents claims.

As per the Stats NZ, no crude oil was imported into New Zealand in July 2020; first month in almost 34 years. Also, imports of cars and other vehicles were down. The value of total merchandise goods imports dropped NZD 1.0 billion (18 percent) to NZD 4.6 billion in July 2020. Crude oil imports have been much lower than usual since May 2020 due to less demand during the ongoing pandemic. Global travel restrictions and the pandemic related lockdown in April 2020 resulted in far fewer people traveled by road or air.

As per the Stats NZ, in the wake of COVID-19, median weekly incomes were lower in the June 2020 quarter than they were a year ago, down 7.6 percent to NZD 652 a week. The median earnings from all income sources fell for the first time since the series started in 1998. Labour market statistics manager Andrew Neal said that several factors have contributed to this drop, such as more people receiving government transfers and people away from jobs without pay due to the COVID-19 pandemic.

#ICNZ #COVID19 #NZX #Kalkine

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