Wild weather puts Taupo residents on edge
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RNZ News
3 days ago
- RNZ News
Cost of Marlborough storm road repair put at $20m
crop="16x10" layout="full"] Marlborough District Council says repairs to the region's roads after the recent back-to-back storms are likely to cost $20 million, with the government agreeing to fund most of the cost. Marlborough Roads staff and contractors have been working to fix more than 780 faults across the road network caused by the storms in June and July. Of those, 133 faults have so far been fixed. The council said emergency repair work response activities have cost $8m and recovery activities are expected to cost $12m, with NZ Transport Agency / Waka Kotahi agreeing to increase its funding assistance rate for response work to 91 percent ($7.28m) and 81 percent for recovery activities ($9.72m). Regional land transport committee chair councillor Scott Adams said he was pleased Waka Kotahi had acknowledged the challenges the district was facing. He said the first storm on 27 June had the biggest impact across the district, with the worst damage in the Awatere Valley, Northbank Road and Port Underwood Road. There were also several slips on Queen Charlotte Drive , including a large slip between Ngākuta Bay and Momorangi Bay. Further storms had caused more damage since then. "Communities are still impacted by the damage with restricted access to Northbank Road due to a very large slip 2km in and also Port Underwood Road from Oyster Bay to Rārangi is still closed because of a large dropout." The Northbank Road slip is expected to cost more than $1m to fix. "This slip is 35m high, 60m across and contains around 20,000 cubic metres of material. That's the equivalent of eight Olympic sized swimming pools. By the time contractors have finished on site, around 2500 truckloads worth of material are expected to have been removed." The dropout on Port Underwood Road in the Marlborough Sounds after storm damage in June and July. Photo: Supplied/Marlborough District Council By 12 August, 11,800 cubic metres of material had been removed from the site at a rate of around 800 cubic metres per day. Northbank Road remained closed from 9am to 4pm Monday to Saturday, with lunchtime openings 12pm to 1pm on Wednesdays and Saturdays to allow repair works to be carried out. Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
RNZ News
4 days ago
- RNZ News
Magnitude 4.9 earthquake shakes lower North Island
Photo: The lower North Island has been rocked by a magnitude 4.8 earthquake. Over 5000 people have reported feeling the quake. GeoNet said the "moderate" quake was located 20 km south of Hastings, and was 30km deep. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
RNZ News
5 days ago
- RNZ News
IAG's insurance profit rises as claims costs fall
IAG says New Zealand's weather conditions have been "relatively benign" in the past year. File photo. Photo: RNZ / Cole Eastham-Farrelly The country's biggest insurer IAG's full-year insurance profit has increased by a third as its margins and premium income rose, while claims costs fell. The Australian company, which operates the AMI, NZI and State insurance brands, delivered an insurance profit of A$606 million (NZ$664m) in the 12 months ended June, compared to A$457m ($501m) a year ago. In New Zealand dollar terms, gross written premium increased 1.7 percent to $4.17 billion, and its insurance margin was 27.4 percent, compared to 22.5 percent a year ago. IAG said homeowner premium rates increased by more than 10 percent as it increased prices, while private motor premium decreased slightly. Claims expenses were also down 3 percent to A$1.1b ($1.2b). The combined trans-Tasman business posted an after-tax profit of $A1.36b ($1.49b), up 51 percent from a year ago. Commenting on the overall result, chief executive Nick Hawkins said the company had strong momentum throughout the year. "By delivering on our strategy and investing for growth, we can execute at scale and are set to protect significantly more Australians and New Zealanders," he said. "This year, Australia experienced weather conditions broadly in line with expectations, while New Zealand was relatively benign," he said. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
