Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Vero ramps up activity in Christchurch


Vero ramps up activity in Christchurch

Vero continues to make progress in Christchurch. In September this year Vero was the first insurer to provide customers with scheduled dates for their reinstatements and is currently planning for an increase in rebuilding activity leading into the New Year.

Vero has a total of 19,600 commercial and domestic claims of which it has settled almost 50%. A total of $1.76 billion has already been paid out.

In addition to work already underway, Vero’s residential customers have been contacted with construction dates that range from a start date within the next six months to 2015. These timeframes are in line with planned building resource capacity and anticipated timeframes to secure the information needed to start construction on projects.

If customers do not wish to participate in the Vero reinstatement programme, they can talk to us and explore their options.

“This is a commitment Vero made to its customers in August this year and it is an important step in our reinstatement approach to customers. As we work through the reinstatement activity, we intend to have increased conversations with our customers, particularly those impacted in the TC3 areas of Christchurch.

“In my experience it is important to understand both the variety and shared complexities our customers face following significant disasters and for us to tailor our response to these complexities. We have therefore identified the need to have specialist teams dedicated to customer groups,” said Jimmy Higgins, Vero Executive General Manager – Earthquake Programme.

Since April this year, after DBH released its foundation guidelines for TC3 properties, Vero has been working to these guidelines in designing reinstatement solutions for affected customers.

“Our customers in TC3 areas of Christchurch are an important part of our overall reinstatement programme. Careful planning and scheduling of repairs for these customers has ensured that our drilling programme is proceeding as planned and we’re confident that our planned repairs will not be delayed because of drilling.

“Vero has already started repairs in some TC3 areas of Christchurch and our drilling program is enabling us to better understand reinstatement solutions and progress our customers through the reinstatement process,” said Jimmy Higgins.

Vero has over 1,000 projects (both domestic and commercial) in the final stages of preconstruction, with contracts prepared for execution.

“While there is currently a modest number of over-cap domestic rebuilds and repairs underway, we expect construction activity to significantly increase in the first half of next year.

“Almost a third of all our EQC-excluded claims have been completed or are near completion. On average we continue to pay between $80 million and $100 million a month in claims,” concluded Jimmy Higgins.
Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news