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

 


Almost 60% of Canterbury Quake Insurance Claims Settled

Almost 60 Percent of Canterbury Earthquake Insurance Dwelling Claims Settled

Insurers involved in the Canterbury residential rebuild have settled almost 60% of all earthquake out of scope and over cap dwelling claims, according to the Insurance Council of New Zealand.

Figures from the Canterbury Earthquake’s Recovery Authority’s (CERA) latest quarterly survey confirm insurers had settled 51,799 of 87,705 over cap and out of scope dwelling claims at 31 March 2014.

The survey shows that 41,924 (64%) out of scope dwelling claims have been settled and 9,875 (44%) over cap claims finalised.

“Combined that’s 59% of all earthquake-related insurance dwelling claims completed which demonstrates real drive by private insurers and claims management companies to resolve earthquake-related claims in Canterbury,” says ICNZ Chief Executive Tim Grafton.

“At the end of April 2014 insurers had paid out $4.06 billion in residential earthquake-related claims, $555 million of that just in the last four months,” says Mr Grafton.

The total amount paid out for earthquake-related commercial claims now stands at $7.49 billion with $782 million of that paid out in 2014, including New Zealand’s largest insurance pay out of $438 million to the Port of Lyttelton.
“To date insurers have paid out $11.55 billion and this year alone it’s the equivalent of $10 million a day to settle earthquake commercial and residential claims in Canterbury during 2014,” says Mr Grafton.

The CERA survey shows that insurers had 22,455 over cap dwelling claims at the end of March 2014, indicating that a further 493 had become over cap during the first quarter of this year. The previous quarter had 21,962 over cap dwellings.

Of the 22,455 over cap dwellings, 9,875 (44%) had been settled, 9,755 (43%) were pending settlement and 2,876 (13%) were still to be made an offer or the insured had not made a decision on their offer.

Insurers and the claims management companies had completed 1,681 major repairs and rebuilds and cash settled 8,194 claims by the end of March.
For claims outside the scope of EQC, which includes driveways, pathways and swimming pools, insurers and claims management companies had settled 41,924 of 65,250 claims by the end of March.

“Our members are still forecasting that the majority of the insurer-managed rebuild programme will be completed by the end of 2016, however there are a number of factors outside the control of insurers that could impact on this such as land repair, retaining walls, Port Hills Mass Movement Areas, multi units and customers decision delays,” says Mr Grafton.


ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Industrial Action: Stats NZ Throwing Public Money Away Duplicating Data

The Public Service Association (PSA) says Statistics NZ are throwing money away by collecting the same data twice for official statistics such as the Consumer Price Index... As part of the ongoing industrial action, field interviewers who are PSA members are continuing to collect data, but are not sending it through to Statistics NZ. More>>

ALSO:

Other Stats:

Space: Rosetta's 'Philae' Makes Historic First Landing On A Comet

After more than a decade traveling through space, a robotic lander built by the European Space Agency has made the first-ever soft landing of a spacecraft on a comet. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news