EQC prepares to count cost of Wellington quakes
Assessment of damage from the Cook Strait earthquakes will begin in two weeks, according to New Zealand’s Earthquake Commission (EQC).
A 6.5-magnitude quake rocked Wellington CBD buildings and injured four people on July 21, and aftershocks are continuing.
More than 3000 claims have been lodged with the EQC, with three-quarters in the North Island.
GM Customer Services Bruce Emson says 20 teams will begin assessing damage to homes, land and contents on August 19.
It could take six months to complete, and a time frame for settlement is still being developed.
Mr Emson says a “one-touch approach” will be employed, checking all damage at each property at the same time.
“We will also be assessing damage to contents, so it is important that customers hold on to their damaged items until we can assess them.”
Building claims will be cash-settled, rather than the EQC managing repairs as it has for some Christchurch homes, Mr Emson says.
Processing Cook Strait claims is not expected to affect time frames for claims in Canterbury.
The Insurance Council of New Zealand (ICNZ) says it cannot put a figure on the recent quakes.
“We have asked members to provide an estimate of gross claims but we haven’t had that yet,” Insurance Manager John Lucas told insuranceNEWS.com.au. “It took more than a month with Canterbury and this could be similar.”
Mr Lucas says a number of insurers have ended their “stand-down” period in the area, and those that are maintaining one have narrowed the focus.
Meanwhile, ICNZ says a storm that hit the country from June 20 to 22 caused more than $NZ33 million ($29.01 million) of insured damage.
“New Zealand’s generally high levels of insurance uptake make for a quick economic recovery at times like this, with about 9500 claims valued at more than $NZ21 million ($18.46 million) settled for home and contents damage, and $NZ9 million ($7.91 million) for commercial claims,” CEO Tim Grafton said.
“More than $NZ1 million ($879,190) of motor vehicle claims were also settled.”