Twin disasters changed the risk narrative in New Zealand

New Zealand’s insurers have learned some lessons and become more proactive following the twin disasters of the Auckland Anniversary Weekend floods and Cyclone Gabrielle in early 2023. Tim Grafton, an independent director, consultant, and CEO of the Insurance Council of...

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Zilla Efrat — ANZIIF writer

11 May 2026

4 mins read

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Twin disasters changed the risk narrative in New Zealand

New Zealand’s insurers have learned some lessons and become more proactive following the twin disasters of the Auckland Anniversary Weekend floods and Cyclone Gabrielle in early 2023.

Tim Grafton, an independent director, consultant, and CEO of the Insurance Council of New Zealand (ICNZ) from 2012 to April 2024, says these events changed the narrative for New Zealand risk.

Before the events, he says flood events were localised with insurance losses seldom, if ever, triggering reinsurance support. The 2023 events, however, saw insurance claims approach NZ$4 billion, triggering significant reinsurance support.

“In comparison, 2022 had set the record for insured claims from weather events at about $350 million in insurance pay-outs for the entire year.

“The twin events in early 2023 accounted for ten times more than that. It is clear now that weather-related perils are part of the reinsurance narrative for New Zealand’s natural hazard risk in a way that they were not before 2023.”