Insurers Move To Reassure Cantabrians

8 September 2011

Insurers Have Moved To Reassure Cantabrians That Insurance Will Return To Normal As Soon As Possible

Insurers are responding to suggestions that insurers are holding up the rebuild of Canterbury, and are explaining the difficulties of the current situation.

Insurance is available for almost all Cantabrians for earthquake cover. The difficulties arise for some people who are moving into the region and wishing to take up insurance. Solutions are available for those people. Insurers are agreeing to insure people on properties that are already insured, but may require some data about the condition of the land under those properties.

Insurers have also moved to explain that not all properties in the Green Zone are good to be repaired. Many properties in the Green Zone have severely damaged land underneath them and this is holding up the ability for insurers to know the extent of that damage and the ability to repair people’s homes.

The problem for insurers is the continuing after-shocks in the Canterbury region. Insurers are concerned that the after-shocks, even relatively minor ones, are doing continued damage to properties on already liquefacted land.

Insurers have moved to reassure Cantabrians that they will seek to settle all claims as quickly as possible and not delay claims. Massive sums have been paid into Canterbury already, mainly in cash settlements asked for by customers.

Insurers are seeking to reassure Cantabrians that they will seek to move to normal insurance cover as soon as they possibly can.

Insurers are seeking to reassure Cantabrians they want to see the fastest rebuild possible in Canterbury and they will assist in doing so.

Insurers are conscious of the concerns of a small number of Cantabrians not being able to get insurance, but are confident that the vast majority of Cantabrians have, and will retain, insurance for the long-term future.

Insurers will be seeking further data on the extent of land damage within Green Zones. They will be seeking further data on the extend of land damage in the White Zone, and will be seeking geotech reports on land damage in other areas of Canterbury. However, insurers will be doing everything they can to meet claims, make payments, and return to normal conditions as soon as the after-shocks cease, and a clearer understanding of the status of much land under the Canterbury region is known.

In the meantime all claims that can be settled will be paid and the insurance industry reassures the Government, Opposition and Cantabrians that they are making all efforts to provide long-term, full cover, and respond to all claims as quickly as they possibly can.

ENDS

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