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Kaikoura claims top $2 billion

15 Sep 2017

The Insurance Council of New Zealand (ICNZ) released new figures this morning that show the real cost of the Kaikoura earthquake last year.

The ICNZ said the total value of insurance claims for the earthquake, as of August 31, 2017, is over $2 billion with most of the losses in commercial claims at $1.48 billion, and residential claims amounting to nearly $550 million. The council reported that over $420 million of commercial claims have been partially or fully settled.

In addition, the ICNZ noted that its newly released figures did not include any claims the Earthquake Commission (EQC) is managing, even where insurance providers were acting as agents for EQC, or where insurance has been purchased overseas.

Insurance providers have completed 92% of all residential building assessments in the Upper South Island, as insurers continue to focus on the most heavily damaged areas. The ICNZ defines the Upper South Island as north of the Waimakariri River and takes in the Hurunui, KaikĊura and Marlborough districts.

Nearly 44,000 claims, of which nearly 32,000 are for residential properties, have been received.

ICNZ CEO Tim Grafton said he was pleased with the steady rate of progress and continued to have a high level of confidence that the majority of people in the Upper South Island will have received settlement offers by the end of 2017. Seventy seven per cent (77%) of all residential buildings had been assessed by the end of August compared with 62% in July and 51% in June.

Nationally, insurance providers have settled, or partially settled, 59% of residential and commercial claims for the November 14, 2016 earthquake.

For residential settlements, 53% had been fully or partially settled by the end of August compared with 43% in July and 36% in June.

For commercial claims, 76% by number had been fully or partially settled by the end of August, compared with 72% in July and 67% in June.

The time between assessment and settlement offers for residential properties is typically between four and 12 weeks.

 

 - Insurance Business

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