Engineer shortage slows Western Pacific liquidation
A shortage of engineers is hampering claims assessment for the liquidators of New Zealand insurer Western Pacific, which failed in 2011 after the Canterbury earthquakes.
David Ruscoe and Richard Simpson of Grant Thornton say the insurer is likely to have a $NZ16.14 million ($14.88 million) claims shortfall on quake claims after reinsurance is paid.
They are using some reinsurance proceeds to process claims and say loss adjusters are working on 60 claims worth about $NZ37 million ($34.12 million).
But claims assessment is slower than expected because the demand for engineers in Canterbury means they have difficulties assessing multiple claims.