Insurers settled 83,000 Canterbury properties

9 May 2016

Insurers settled 83,000 Canterbury properties, including 20,000 over cap

The Insurance Council of New Zealand announced today that private insurers have settled 20,000 Canterbury earthquake over cap residential property claims in its latest release of quarterly progress data.

Chief Executive Tim Grafton said “insurers have now fully settled 91% of all Canterbury earthquake residential properties. This represents 20,000 over cap and 63,000 out of scope properties. We have also settled 93% of commercial claims worth $9.6 billion as at 31 March 2016”.

Based on data jointly collected by ICNZ and the Ministry of Business, Innovation and Employment (MBIE), 84% (21,588) of all over cap residential claims are resolved or have been fully settled. Resolved means the repair/rebuild is under construction, in consenting or a building contract has been signed. A further 12% (3,112) of the 25,753 over cap properties are in resolution, meaning the rebuild/repair is in the pricing and design process or cash settlement is pending.

Insurers have completed 5,715 major repairs and rebuilds and cash settled 14,283 properties to the end of March 2016.

“Insurers have had an additional 403 properties transferred from the Earthquake Commission (EQC) in the last quarter taking the total to 1,553 for the last 12 months. It is extremely frustrating for homeowners and insurers to be receiving so many new property claims five and half years after the events which stresses the need for changes in the future. Insurers should do all assessments for future natural disasters so that the most damaged properties can be rebuilt or repaired much sooner” he said.

The number of customers who are still to receive offers from their private insurer is down to 275 and there are 407 properties where people have yet to make decisions on the offers they’ve received.

“Anyone who is unsure about the offer they’ve received can contact either their insurer or the Residential Advisory Service. The service is cost-free, totally independent and can help provide advice and assistance that may help people progress their claim,” said Grafton.

http://img.scoop.co.nz/media/pdfs/1605/Canterbury_Earthquake_Progress_Stats_Q1_2016_FINAL.pdf

ENDS

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