Private insurance companies have forked out over half a billion dollars in claims due to the November 14 Kaikoura earthquakes, with $108 million paid in June, the Insurance Council of New Zealand (
ICNZ) reported.
“Progress is moving at a rapid pace and we have a high level of confidence that the majority of people will have received settlement offers by the end of this year,” said ICNZ chief executive
Tim Grafton.
“Fifty-one per cent of all residential buildings had been assessed by the end of June compared with 39% in May, 32% in April, and 19% in March. Insurers continue to focus on the most damaged areas and we are pleased that assessment progress is at 73% for the Upper South Island as at the end of June.”
Private insurers have received over 43,000 claims, 31,000 of which were for residential properties. Insurers act as agents for the Earthquake Commission (
EQC) and are managing most of the building and content claims, excluding any claims managed by
EQC or where insurance has been taken out offshore.
As of June 30, the Kaikoura earthquake has resulted in insurance claims with a total value of $1.88 billion, most of which losses, at $1.39 billion, were in commercial claims; while residential claims amounted to nearly $474 million.
In terms of residential settlements, the industry body said 36% had been fully or partially settled by the end of June, compared with 29% in May, 21% in April, and 11% in March.
For commercial claims, 67% of which had been fully or partially settled by the end of June, compared with 62% in May, 57% in April, and 44% in March. Commercial material damage claims that have been partially or fully settled have reached over $363 million.
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