Russell McVeagh Advises On World-leading Natural Disaster Insurance Claims Model
Russell McVeagh has been working alongside the Earthquake Commission (EQC) on a project that will see EQC work in partnership with private insurers to improve customer experience and support New Zealanders through natural disasters in future.
Announced last week, the partnership and new model will provide an improved, more collaborative approach to assist Kiwis claim for damages to their homes in the wake of natural disasters. The unique model will begin in Q2 2021 and will mean that anyone with home insurance that experiences damage, will only need to lodge a single claim through their private insurer.
Russell McVeagh's team was led by Corporate partner Mei Fern Johnson, and the project involved negotiations between EQC and eight private insurers (AA Insurance, Chubb, FMG, Ando (Hollard), IAG, MAS, Vero, and Tower), with those private insurers representing more than 99% of the residential insurance market.
"This project involved complex, multi-stakeholder negotiations and we were pleased to assist EQC with this new response model, that will make the process quicker and less stressful for claimants, and provide certainty for homeowners throughout an already worrying time," she says.
You can read more about the project here.