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All IAG Home Rebuilds & Repairs To Commence In Next 2 Years


IAG

www.iag.co.nz

21 December 2012

All IAG Home Rebuilds And Repairs To Commence In The Next Two Years

IAG is providing further certainty for earthquake affected customers, confirming when in the next two years all residential property reinstatements will begin – with the last scheduled to start no later than the last quarter of 2014.

IAG’s residential rebuild and repair programme involves 1700 rebuilds and 3000 major (overcap) repairs, which the company aims to complete by December 2015.

IAG Executive General Manager Canterbury Recovery, Dean MacGregor, said IAG had already met its target of confirming the rebuild and repair status of customers’ residential properties. As a next step, customers could expect a letter this week confirming which quarter of 2013 or 2014 the reinstatement of their property would begin.

Customers progressing in the first quarter of next year would be called by their claims case manager to ensure they could progress in the short timeframe. There was some capacity in the programme for customers to swap dates if scheduled dates did not suit.

“The rebuild and repair determination is based on assessments conducted to date. With additional information such as geotechnical analysis it is anticipated there will be some cases where, when work starts, a repair may become a rebuild.

IAG has prioritised its worst-affected customers, with uninhabitable properties first, then based on criteria similar to that used by the Red Cross. It is envisaged worst affected customers will be resolved or well into the build phase during 2013. Remaining red zone home owners can enter the programme when it suits them.

TC3 properties had been confirmed as rebuilds or repairs based on assessments of the above ground structure, using standardised foundation costs. Geotechnical drilling and analysis was planned in parallel so that it would be available when reinstatement was scheduled to begin.

“We’ve been working hard for the last two years to gather the information to be able to build this programme. With 35,000 claims covering 18,000 residential properties, it’s been a significant undertaking, but it’s very encouraging to now be talking to customers about when their work will begin, and working with them to reinstate their properties,” Mr MacGregor said.

New builds average about 42 weeks, with 20 weeks spent on pre-construction, planning and consenting, with 22 weeks working on site. Repairs average about 38 weeks, depending on the repair. At peak, the programme will deliver 85 new homes a month, and 150 major repairs.

“We are making good progress. IAG has already assisted 900 customers to purchase a new home. We’ve already completed 100 new homes and will complete 500 by June 2013. IAG has completed 50 major home repairs and will have completed 450 by July 2013. It has about 600 new builds and 600 repairs in progress right now.

“IAG has consistently lead rebuild activity, with data (excluding Fletchers) showing IAG rebuild and repair activity is ahead of its market share. At one point IAG was leading half of all rebuild and repair activity (excluding Fletchers), though this gap has narrowed as other insurers’ rebuild activity has increased,” Mr MacGregor said.

ENDS

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