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24 February 2017
Private insurers paid nearly $NZ2.7 billion ($2.6 billion) last year to settle commercial and residential claims from the Canterbury earthquakes of 2010/11.
The sum comprises $NZ1.6 billion ($1.5 billion) for domestic claims and $NZ1.1 billion ($1 billion) for commercial, the Insurance Council of New Zealand (ICNZ) says.
The government-owned Earthquake Commission covers $NZ100,000 ($94,450) for residential buildings and $NZ20,000 ($18,890) for contents, with claims above that cap passed to private insurers.
Last year private insurers settled 3860 over-cap property claims and had 1258 new over-cap claims transferred from the EQC.
“The slowdown of over-caps coming across from the EQC and the settlement progress [last year] is encouraging,” ICNZ CEO Tim Grafton said.
“However, it will be critical to ensure the response to the Kaikoura earthquakes [last November] does not slow the pace of settlement of the remaining claims as quickly as possible.”
Insurers completed construction on 1470 properties, including 907 rebuilds and 563 major repairs, and cash settled 2390 properties last year.
ICNZ says insurers have now settled $NZ19.4 billion ($18.3 billion) of claims from the Canterbury quakes, with $NZ10 billion ($9.4 billion) for commercial policies and the remainder domestic.
Of the total 26,608 over-cap domestic property claims, 86% have been settled, according to figures collected by ICNZ and the Ministry of Business, Innovation and Employment.
A further 3% have been resolved and 9% are in the process of resolution, meaning the rebuilding or repair is in the pricing and design process or cash settlement is pending.
Of the remainder, 217 customers are still to receive an offer from their private insurer, there are 240 properties where people have yet to make decisions on the offer they have received, and 183 new claims are being validated.
More than 95% of commercial claims have been settled.
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