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

 


Canterbury Earthquake Insurance Pay Outs Over $11 Billion

1 April 2014

Canterbury Earthquake Insurance Pay Outs Crosses $11 Billion Mark

Insurance companies have paid out over $11.1 billion in commercial and residential Canterbury earthquake settlements at the end of February 2014, according to the Insurance Council of New Zealand.

The $11.103 billion is made up of $7.359 billion in commercial pay outs and $3.743 billion in settling residential claims.

“The $11.1 billion paid to date is a significant contribution to the economy of the region as its money in business bank accounts, residents who have cash settled, homes that have been repaired or rebuilt, as well as community and public organisations that can continue their work,” says Insurance Council Chief Executive Tim Grafton.

“This demonstrates the very real progress that is being made to settle claims and enable the residents and businesses of Canterbury to get back on their feet,” he says.

Of the $7.3 billion of commercial claims settled to date, $642 million was paid out in 2014 or the equivalent of $10.9 million a day just in the first two months of this year.

“That means over three-quarters of all commercial claims have now been settled and reinforces the value of insurance in helping the business sector to quickly recover from what was one of the biggest-ever insurance disaster events globally,” says Mr Grafton.

In residential claims, $226 million was paid out during the first two months of the year, at a rate of $3.8 million dollars a day.

“Collectively insurers were paying out the equivalent of $14.7 million a day in settling residential and commercial claims during January and February this year,” says Mr Grafton.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Gordon Campbell: On Tiwai Point (And Saying “No” In Greece)

Its hard to see how Rio Tinto’s one month delay in announcing its intentions about the Tiwai Point aluminium smelter is a good sign for (a) the jobs of the workers affected or (b) for the New Zealand taxpayer. More>>

ALSO:

Half Empty: Dairy Product Prices Extend Slide To Six-Year Low

Dairy product prices continued their slide, paced by whole milk power, in the latest GlobalDairyTrade auction, weakening to the lowest level in six years. More>>

ALSO:

Copper Broadband: Regulator Set To Keep Chorus Pricing Largely Unchanged

The Commerce Commission looks likely to settle on a price close to its original decision on what telecommunications network operator Chorus can charge its customers, though it probably won’t backdate any update. More>>

ALSO:

Lower Levy For Safer Cars: ACC Backtracks On Safety Assessments

Dog and Lemon: “The ACC has based the entire levy system on a set of badly flawed data from Monash University. This Monash data is riddled with errors and false assumptions; that’s the real reason for the multiple mistakes in setting ACC levies.” More>>

ALSO:

Fast Track: TPP Negotiations Set To Accelerate, Groser Says

Negotiations for the Trans-Pacific Partnership will accelerate in July, with New Zealand officials working to stitch up a deal by the month's end, according to Trade Minister Tim Groser. More>>

ALSO:

Floods: Initial Assessment Of Economic Impact

Authorities around the region have compiled an initial impact assessment for the Ministry of Civil Defence, putting the estimated cost of flood recovery at around $120 million... this early estimate includes social, built, and economic costs to business, but doesn’t include costs to the rural sector. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news