Cam Preston's Release on Canterbury Progress

Chief Executive of the Insurance Council Tim Grafton says “Cameron Preston misrepresents the progress being made on the Canterbury residential rebuild.

Insurance Council members settled 5,392 major repairs and rebuilds in 2015 taking the total settled since the earthquakes to 18,958. Of that total, 5,295 were repaired or rebuilt by a company contracted by an insurer and the balance of 13,663 were repairs/rebuilds managed by the insured through another company.

There has been a record number of consents granted in Canterbury for repairs/rebuilds reflecting the insurance settlements of almost 19,000 residential properties.

In addition to this, insurers have also settled 61,677 property claims where damage occurred that is not covered by EQC. Our members have also settled over 90% of commercial claims. In total $16.7 billion has been paid by insurers toward the Canterbury recovery.”

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