Insurance costs spiral as third storm nears
Updated 12:51PM Saturday August 02, 2008
By Juliet Rowan
As the third storm in a week heads for the upper North Island, insurance payouts from the first two big storms could reach $50 million.
A deep, fast moving low and associated fronts are forecast to cross northern and central New Zealand this weekend, bringing strong winds and rain.
The Insurance Council says it is still early days, but the widespread nature of the storms and their ongoing impact could see costs skyrocket.
It says the consequences of climate change are now forcing increases in premiums.
Civil Defence is keeping a close eye on rivers in the Waikato region. The Waipa River system and the Waikato River are running high and are being monitored by Environment Waikato and Mighty River Power.
The heaviest rain is expected about higher areas from Taranaki across to the Central Plateau and eastern Bay of Plenty, including Taumarunui,Waitomo and the headwaters of the Whanganui River.
It means more flooding, slips and treacherous conditions on the roads.
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