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

 


Insured Losses From Central NZ Earthquakes $31 Million

ICNZ MEDIA RELEASE

19 December 2013

Insured Losses From Central New Zealand Earthquakes $31 Million

Total insured losses from the central New Zealand earthquakes in July and August this year was $31.1 million, the Insurance Council of New Zealand reported today.

The earthquake on 16 August was most damaging of the two quakes accounting for $16.2 million of the costs compared with $14.9 million for the one on 21 July.

August was also the most damaging for homeowners with $5.2 million damage to home and contents compared to $2.0 million in July. These figures cover the damage over the first $100,000 to a house which is covered by EQC. According to EQC, 21 over cap residential property claims were passed on to private insurers as a result of the central New Zealand earthquakes.

Commercial property suffered the most with $23.2 million of the total cost accounted for in material damage across the two events. However, commercial damage in the July quake proved more costly with $12.6 million damage compared to $10.6 million in August. There was also $600,000 of business interruption insurance paid out across the two events. There is no EQC coverage for commercial properties.


ENDS


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Revenue Renewal: Tax Modernisation Programme Launched

Revenue Minister Todd McClay today released the first two in a series of public consultations designed to modernise and simplify the tax system. More>>

ALSO:

Scoop Business:
NZ Puts Seven New Oil And Gas Areas Put Up For Tender

A total of seven new areas will be opened up to oil and gas exploration under its block offer tendering system, as the New Zealand government seeks to concentrate activity in a few strategically chosen areas. More>>

ALSO:

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news