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


Private insurers receive $1.8b Kaikōura earthquake claims

21 June 2017
Private insurers receive $1.8b Kaikōura earthquake claims

The total value of insurance claims for the 14 November Kaikōura earthquake as at 31 May 2017 is $1.84 billion the Insurance Council reported today.

Private insurers have received nearly 43,000 claims, of which over 31,000 are for residential properties. Insurers are acting as agents for the Earthquake Commission (EQC) and are managing most of the residential building and contents claims. These claims and costs do not include any land claims, or house and contents claims that EQC is managing for the Kaikōura earthquake nor where insurance has been purchased off-shore.

Insurance Council Chief Executive Tim Grafton said most is for commercial loss at $1.36 billion, with residential claims amounting to over $460 million.

“Progress is now moving at a rapid pace, so we have a high level of confidence that most people will have received settlement offers by the end of this year. Forty percent of all residential buildings had initial assessments completed by the end of May compared with 32% in April and 19% in March. Insurers continue to focus on the most damaged areas and are making pleasing progress with 57% assessed in the Upper South Island in May, compared with 45% in April” he said.

In terms of residential building settlements, 29% had been fully or partially settled by end of May compared with 21% in April and 11% in March” he said.

The time between assessment and settlement offer for residential properties is typically between 4 and 12 weeks depending on complexity.

For commercial claims, 62% of all material damage claims by number had been fully or partially settled by the end of May, compared with 57% in April and 44% in March. In dollar terms, over $278 million of commercial material damage claims have been partially or fully settled.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Superu Report: Land Regulation Drives Auckland House Prices

Land use regulation is responsible for up to 56 per cent of the cost of an average house in Auckland according to a new research report quantifying the impact of land use regulations, Finance Minister Steven Joyce says. More>>


Fletcher Whittled: Fletcher Dumps Adamson In Face Of Dissatisfaction

Fletcher Building has taken the unusual step of dumping its chief executive, Mark Adamson, as the company slashed its full-year earnings guidance and flagged an impairment against Australian assets. More>>


No More Dog Docking: New Animal Welfare Regulations Progressed

“These 46 regulations include stock transport, farm husbandry, companion and working animals, pigs, layer hens and the way animals are accounted for in research, testing and teaching.” More>>


Employment: Most Kiwifruit Contractors Breaking Law

A Labour Inspectorate operation targeting the kiwifruit industry in Bay of Plenty has found the majority of labour hire contractors are breaching their obligations as employers. More>>


'Work Experience': Welfare Group Opposes The Warehouse Workfare

“This programme is about exploiting unemployed youth, not teaching them skills. The government are subsidising the Warehouse in the name of reducing benefit dependency,” says Vanessa Cole, spokesperson for Auckland Action Against Poverty. More>>


Internet Taxes: Labour To Target $600M In Unpaid Taxes From Multinationals

The Labour Party would target multinationals operating in New Zealand to ensure they don't avoid paying tax if it wins power and is targeting $600 million over three years through a "diverted profits tax," says leader Andrew Little. More>>