Storm frequency already restructured the claims landscape
Before El Niño peaks, the market has already absorbed a step-change in loss frequency. The AMI, State, and NZI Wild Weather Tracker documented 46 storms in the 12 months to February 28, 2026, generating 33,174 storm-related claims – a 256% increase on the prior year’s 9,324 claims from 29 storms. IAG NZ CEO Phil Gibson said: “Over a 15-year timeline, a storm typically affected parts of the country once every 19 days. In the last 12 months, that frequency has more than doubled to once every eight days, making storms a near-weekly occurrence.”