The event in Timaru cost $83.3m, compared with the February 2004 storms in the lower North Island which cost $148.3m, and Cyclone Debbie in 2017 which cost $91.5m.
"What was looking to be a benign year for extreme events changed in the last few months when we saw some extraordinary losses emerge from unexpected quarters confirming the value of insurance to cover the unforeseen," Insurance Council of New Zealand chief executive Tim Grafton said.
The results make 2019 the sixth most expensive year since 2010, with insurers paying more than $1.2 billion for weather-related loses during the decade.
The council said 2017 was the most expensive year for severe weather events, with the total coming in at $246m.
"The destructive power of hailstorms is seldom experienced, but the Timaru event on November 20 showed us the fierce effect of these storms when concentrated on urban areas," Grafton said in a statement.
Close to 9500 of these claims were for hail-damaged vehicles in Timaru. House and contents were the second largest, with 6211 claims costing insurers $29.6m.
Looking at the top five events since 2000, Grafton said the figures reinforced the increasing frequency and severity of storms in New Zealand.
"With climate change we will see an increase in the frequency of extreme weather events," Grafton said.
"Since 2014 we have seen a significant increase in events causing damage in the hundreds of millions.
"The need to adapt and take steps reduce risk is supported by wider climate research."
One scenario put forward by the Intergovernmental Panel on Climate Change projected a global mean sea-level rise from 0.43m to 0.84m by 2100.
Grafton said this meant New Zealanders could expect to see increased instances of damage to property as a result of extreme tide-storm events.
