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


Thousands Of Canterbury Earhtquake Rebuilds Underway

26 February 2014

Thousands Of Insurer-Managed Canterbury Earhtquake Rebuilds Are Completed Or Underway

Some 18 months after the insurer-managed over cap repairs and rebuild programme could kick off in Canterbury, 86% are either settled, had repairs or rebuilds managed by insurers or are in the design/build process, according to the Insurance Council of New Zealand.

Based on a quarterly survey conducted by CERA, at the end of 2013, 1,494 insurer-managed rebuilds and major repairs had been completed and 7,625 cash settlements, says Insurance Council spokesman Samson Samasoni.

“What we’re starting to see come the through the other end of the pipeline are completed insurer-managed rebuilds and repairs that began in the second half of 2012, with 725 rebuilds and 769 repairs finished by the end of 2013,” says Mr Samasoni.

“These were insurer-managed rebuilds and repairs that could only have started late in 2012 because of ongoing seismic activity, the release of building guidelines and ongoing EQC apportionment work.

“Once someone choses an insurer-managed repair, it takes about five months to get through the design phase, then there is the consenting phase which is taking over two months on average and then another six months of building before a house is completed.

“By the end of 2013, some 16,900 or 86% of the 22,000 over cap residential dwelling claims had either been fully settled and there are thousands more in the pipeline to meet the end of 2016 target,” he says.

About 9,100 or 42 percent of the total residential dwelling claims have been completed or fully settled, according to the CERA data.

“There’s a further 8,468 insurer-managed major repairs or rebuilds that are either in the design-documentation stage, have builders hammering away or are in the schedule,” says Mr Samasoni.

“Canterbury builders are reporting that over 6,000 residential properties were built in 2013, much of that would have been from insurance monies released through cash settlements and builders are forecasting that will increase to 7,000 this year.

“Consenting forecasts from the Christchurch City Council confirm that 2014 and 2015 will be a big year for the completion of insurer-managed residential rebuilds and repairs.

“Insurers have not changed their view that they are on track for completing the insurer-managed rebuild programme by 2016,” says Mr Samasoni.

During 2013 more than $1.56 billion was paid out in settling and completing Canterbury earthquake residential claims.

“That’s over $4 million a day being paid out to settle residential claims just last year, taking the total residential payments for repairs, rebuilds and cash settlements to the end of 2013 to over $3.5 billion,” says Mr Samasoni.

The CERA data also indicates that there are about 2,630 dwelling claims which are still undetermined whether they are over or under cap.

“Most of these undetermined claims are likely to be the more complex multi-unit claims or in joint review,” says Mr Samasoni.


© Scoop Media

Business Headlines | Sci-Tech Headlines


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news