Insurers are paying out around $9.5 million daily for damage caused by the Auckland Anniversary floods and Cyclone Gabrielle.
The Insurance Council of New Zealand (ICNZ) say 14,124 claims out of 96,586 have been settled so far - around 15% of all claims related to both disasters.
They said claims related to the climate events are worth more than 80% of all general insurance claims paid across Aotearoa last year.
Claims following the extreme weather now surpass the 45,000, worth $2.27 billion, paid out of the Kaikoura earthquake.
For the Auckland Anniversary floods, 26,283 claims out of 51,936 (50.6%) have been settled, with payouts totalling over $248 million out of $1.308 billion.
When it comes to claims related to Cyclone Gabrielle, 6,819 claims out of 44,650 (15.3%) have been settled, with payouts sitting around $147 million out of $1.155 billion.
Hawke’s Bay now accounts for 32.9% of Gabrielle's payouts.
ICNZ Chief Executive Tim Grafton said insurers are in “for the long haul”, with some claims expected to take months to settle.
"While insurers have made a good start on settling claims, it’s important to remain realistic about the rate of settlement from now on.
"Many motor and contents claims are straightforward to settle; re-lining a house can take months, full rebuilds over a year. The most complex claims, typically with land issues, can take longer still. Insurers are in this for the long haul."
He said some claims take longer than others, which can cause a hold-up.
"There is typically a small proportion of high-value claims that require a lot of work to settle.
"These can be complex and time-consuming to deal with, and it’s important to be transparent with everybody about that."
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