CANTERBURY RECOVERY UPDATE
15 February 2012

Click here to read FULL UPDATE: IAG_Canterbury_Recovery_update_February.pdf

Background
IAG has approximately 7,000 over cap (major repair or rebuild) claims in Greater Christchurch. In addition, we have approximately 20,000 non-EQC claims. This includes claims for paths, driveways, fences etc.
Late last year all IAG earthquake-affected customers were informed of the rebuild or repair status of their properties, including timelines for reinstatement. Quarter One reinstatements are currently underway, with all jobs due to begin within the next two years, based on customer priority. The last residential repair or rebuild is scheduled to start no later than the last quarter of 2014, with the aim to complete the residential programme by December 2015.
Key Progress Statistics
• 73% of business interruption claims have been settled
• 57% of commercial material damage claims have been settled
• 48% of claims are queued in our Rebuild & Repair Programme, due to begin between now and the last quarter of 2014
• 30% of over cap claims are in construction
• 22% of over cap claims completed
• 22% of non-EQC claims have been completed or settled
• Over 1,300 customers have moved into new homes we have helped them to build, purchase or repair
• We have built 125 new homes
• We have completed major repairs on 50 homes
• At peak, our programme will deliver 85 new homes a month, and 150 major repairs, at a cost of $50 million per month
• We currently have 588 new homes and 824 major repairs in some stage of construction
• We have 275 active TC3 claims
• We have completed over 400 geotechnical assessments of TC3 properties
• The new build time is about 42 weeks, accounting for planning and consenting, with around 22 weeks on site. The repair time averages 38 weeks, depending on size and scope

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ENDS

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