In FY23 we continued to support the insurance needs of our customers and the economic resilience of Aotearoa New Zealand.
We’ve been living our purpose through dealing with an increased number of claims received and paid out this year.
In FY23 we paid $2.5 bn to help get people back on their feet.
During this period, the net cost of weather-related claims for IAG New Zealand increased by 126% (in AUD$) when compared to FY22. 75% of the FY23 cost is attributable to just two events, the North Island floods and Cyclone Gabrielle, resulting in the costliest weather-related events for the New Zealand insurance industry to date.
Throughout this time, we’ve remained focused on our commitment to paying claims for all our customers.
Our response to the North Island floods and Cyclone Gabrielle
During the summer of 2023, we responded to our second and third biggest ever claims events since the Canterbury earthquakes, with a combined total of 51,000 claims. These events tested our national spirit, but we have been inspired by our people and customers in the face of adversity.
We were there for our customers on the ground as soon as it was safe to do so. Our people supported affected communities by setting up community hubs across three regions and deployed three campervans as mobile claims hubs to reach remote areas. By the end of FY23 we had supported close to 4,000 customers across the community hubs.
We rolled out new initiatives and systems in our dedicated Major Events team to hasten the processing of claims. We also recruited an additional 500 team members from both Australia and Aotearoa New Zealand to support our response. In this video, Executive General Manager Claims, Wayne Tippet, explains how we quickly adapted to support our customers in the aftermath of the storms.
We are committed to being part of the solution to the growing impacts of climate change.
As the largest general insurer in Aotearoa New Zealand, we take our role seriously helping to identify and develop solutions that keep New Zealanders safe.
In response to the growing damage from flooding, in August 2023 we called for three practical, collaborative steps to be taken to lead to a real reduction in the flood risk faced by some of Aotearoa New Zealand’s most exposed communities.
Recognising that collaboration between government, councils and insurance companies is key in addressing flood risk and recovery, the three steps are:
Since it was announced, we have worked with the Government to advance this three-step plan and are pleased that step two is now being worked on by the Ministry for the Environment.
We were the Inaugural winner of General Insurance Claims Team of the Year at the 10th New Zealand Insurance Industry (ANZIIF) Awards.
The General Insurance Claims Team of the Year category recognised our strong claims results, disaster response, outstanding customer service and excellent technical skills.
Our claims submission presented a holistic view of a highly efficient and successful operation with great customer metrics contributing to a solid business result.
It was a great opportunity to showcase our people for their excellence and professionalism. The win was a credit to the commitment and dedication of our claims team.
We opened two new Repairhubs – Sydenham (Ōtautahi Christchurch) in August and Wairau Valley (Tāmaki Makaurau Auckland) in February.
We welcomed four new apprentices to Repairhub Wairau Valley increasing our investment in the future of the repair industry and bringing our total number of apprentices around the country to 26.
First Rescue acquired its first EV van with a mobile charging unit. This provides the ability to plug in to customers’ vehicles at the roadside, giving our EV customers a mobile charging solution.
In FY23 we worked to reduce our impact on the climate and the climate's impact on Aotearoa New Zealand.