Latest update on Kaikoura
13 Oct 2017
In their latest update EQC says they and private insurers continue to make good progress on the over 38,000 residential claims. The new approach to managing these claims collaboratively with private insurers as EQC’s agents sees 87% of building assessments and 54% of building settlements complete, all within eight months of the lodgement deadline.
"The memorandum of understanding between EQC and insurers has helped remove unnecessary duplication of effort and makes the most of resources across the industry. Many customers, particularly those with overcap claims, have as a result experienced a much simpler assessment and settlement process, with one party leading all the customer interaction."
What’s left overall?
EQC advise as at 30 September, left to complete is:
- 13% of residential building assessments. In most affected regions the numbers are even lower due to these regions being prioritised (see table below for detail);
- 46% of all building settlements; and
- 11% of all contents settlements.
"Given the volume and geographical spread of EQC claims, to have most of building claims assessed and over half of them settled within eleven months of the Kaikoura earthquake, is a positive outcome for our customers."
So far EQC has paid:
- $108.8 million to insurers who manage EQC customers; and
- $26.2 million to customers that EQC manages (land and/or properties with open or unresolved claims for prior natural disaster damage).
The commission has completed 90% of the 5400 claims it is directly managing and expect the remaining claims to be resolved in early 2018.
EQC and insurers will be visiting the Marlborough, Kaikoura and Hurunui regions within the next month to give people affected by the November 2016 earthquake an opportunity to talk with them on one-on-one basis about their Kaikoura claim. Community Law representatives will also be at all the three venues.