Insurance Companies Pay $320 Million Canterbury DHB Claim
October 21, 2013
Insurance Companies Pay Out $320 Million Canterbury District Health Board Claim
The settlement of a $320 million Canterbury District Health Board (CDHB) insurance claim is the biggest payout in New Zealand history – equalling a $320 million insurance payment to Housing New Zealand earlier this year.
It’s understood that this is the full amount available under the CDHB’s policy after 200 buildings (14,000 out of 16,000 rooms in CDHB facilities) sustained damage during the Canterbury earthquakes.
“We’re delighted to see major settlements in areas critical to the provision of essential social services in New Zealand and it underscores the critical role insurance plays in the community,” says Insurance Council CEO Tim Grafton.
“It’s very good to see this settled because large claims are often complex with multiple insurers and reinsurers involved,” he says.
To date $6.26 billion of Canterbury earthquake commercial claims have been settled.