Insurance Council welcomes new cyclone recovery plan
Morning Report
English - June 01, 2023 19:38 - 8 minutes - 7.49 MB - ★★★★ - 11 ratingsNews Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
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The Insurance Council is welcoming the Government's proposal to fund residential recovery in the wake of the Auckland floods and Cyclone Gabrielle.
So far, there have been more than 100-thousand insurance claims for both events, valued at 2-point-8 billion dollars.
Yesterday, the Government announced a joint initiative with councils to buyout homeowners whose land can't be rebuilt on.
There will also be money for remediation and flood mitigation and protection work ahead of rebuilding for others.
So where do insurance companies fit in?
Insurance Council chief executive Tim Grafton spoke to Ingrid Hipkiss