Insured Losses From Central NZ Earthquakes $31 Million

ICNZ MEDIA RELEASE

19 December 2013

Insured Losses From Central New Zealand Earthquakes $31 Million

Total insured losses from the central New Zealand earthquakes in July and August this year was $31.1 million, the Insurance Council of New Zealand reported today.

The earthquake on 16 August was most damaging of the two quakes accounting for $16.2 million of the costs compared with $14.9 million for the one on 21 July.

August was also the most damaging for homeowners with $5.2 million damage to home and contents compared to $2.0 million in July. These figures cover the damage over the first $100,000 to a house which is covered by EQC. According to EQC, 21 over cap residential property claims were passed on to private insurers as a result of the central New Zealand earthquakes.

Commercial property suffered the most with $23.2 million of the total cost accounted for in material damage across the two events. However, commercial damage in the July quake proved more costly with $12.6 million damage compared to $10.6 million in August. There was also $600,000 of business interruption insurance paid out across the two events. There is no EQC coverage for commercial properties.

ENDS

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