Brought to you by:
Premium Funding
Premium Funding

Kaikoura home settlements pass halfway mark

Facebook Twitter LinkedIn Google

New Zealand’s Earthquake Commission and private insurers have completed 54% of residential building settlements from the Kaikoura earthquake, within eight months of the lodgement deadline.

About 13% of residential building assessments and 11% of contents settlements remain outstanding.

The commission says settling more than half of claims within 11 months of the November quake is “a positive outcome”, with 38,000 residential claims coming in across a large geographical spread.

“The memorandum of understanding between the EQC and insurers has helped remove unnecessary duplication of effort and makes the most of resources across the industry.”

So far the commission has paid out $NZ108.8 million ($98.96 million) to insurers that manage its customers, and $NZ26.2 million ($23.83 million) directly to customers.

At least 75% of Kaikoura residential claims should be settled by Christmas, and the remainder by early next year.

The commission has completed 90% of the 5400 claims it is directly managing.

Insurers and the commission will visit the Marlborough, Kaikoura and Hurunui regions over the next month to talk with claimants.