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

 

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news