Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 

EQC reassures claimants over revised liability

MEDIA RELEASE

For immediate release: 30 August 2011

EQC reassures claimants over revised liability

The Earthquake Commission’s (EQC) Chief Executive Ian Simpson has reassured claimants from the Canterbury earthquakes that their claims will be settled in full.

The Government today announced that EQC’s liability to the earthquakes has increased by $4 billion to about $7 billion based on an actuarial valuation after new data became available following actual field assessments.

Mr Simpson says while the scale of residential damage is worse than originally thought, EQC will meet all its commitments.

“It is business as usual for EQC.”

“This report will not have an impact on EQC’s claimants. We will continue to pay out for building, land and contents claims and our full assessment programme will progress with urgency.”

“EQC has already paid out more than $1.4 billion in claims since September, amounting to almost $4 million a day and this will not stop,” Mr Simpson said.

“There was about $6 billion in the Natural Disaster Fund prior to the 4 September earthquake and with the government guarantee underwriting any shortfall, all claims will be settled.”

Canterbury is not the only region EQC has been working in over the last year with claims coming in from slips and storm damage throughout the country and Mr Simpson also moved to give some guarantees for the rest of the New Zealand and for any future events.

“Earlier this year we confirmed reinsurance for the next year. Any future events will be covered.”

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines


Gordon Campbell: On Some After-thoughts About The Climate Change Commission Report

The notion that New Zealand is pluckily - or foolishly – punching above its weight in the march towards carbon neutrality by the year 2050 seems entirely deluded. Either way though, the idea seems too useful for the politicians to surrender it willingly... More>>

 


National: National Will Reverse Interest Deductibility Changes

The arrival of the belated interest deductibility and Brightline rules discussion document brings with it confirmation of what an unprincipled mess the proposed legislation is, National’s Shadow Treasurer Andrew Bayly and Housing spokesperson Nicola Willis say... More>>

Government: 1 Million More Pfizer Doses To Arrive In July

Pfizer has scheduled delivery of an estimated 1 million doses of vaccine to New Zealand during July, COVID1-9 Response Minister Chris Hipkins said today... More>>

Merit: Queen's Birthday Honours 2021 List

The full list of those acknowledged... More>>

ALSO:


Jewish Council: New Zealand Not Immune From Rise In Antisemitism

The representative body of New Zealand Jewry, the NZ Jewish Council (NZJC), has expressed concern about the high number of antisemitic incidents in New Zealand recorded last month. Spokesperson for the NZJC, Juliet Moses, said... More>>

NZNO: Nurses Reject DHB Offer And Confirm Strike Action

The New Zealand Nurses Organisation says its 30,000 members who work in DHBs have voted overwhelmingly to reject a second offer in their current round of multi-employer collective agreement (MECA) negotiations... More>>

ALSO:


 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels