The Insurance Council of New Zealand has revealed its latest statistics on the industry’s response to the Kaikoura earthquake.
Private insurers have so far settled 50% of residential and commercial claims nationally for the earthquake which struck on November 14.
“We are pleased with our steady rate of progress and continue to have a high level of confidence that the majority of people will have received settlement offers by the end of this year,”
Tim Grafton,
ICNZ CEO said.
As of July 31, the total value of insurance claims for the quake stood at $1.41 billion, with residential claims totalling close to $500 million.
Commercial claims lead the charge in terms of settlement with 72% fully or partially settled by the end of July, compared with 67% in June. Commercial claims continue to show a solid settlement trajectory with numbers boosted from the 44% settlement rate in March.
In dollar terms, more than $429 million worth of commercial claims have been fully or partially settled.
In the residential sector, 43% of claims have been fully or partially settled, compared with 36% in June.
“Insurers continue to focus on the most damaged areas and we are pleased that assessment progress is at 86% for the Upper South Island as at end of July,” Grafton continued.
Private insurers have received over 43,000 claims, with 31,000 in the residential property market.
Earlier this month, the
EQC revealed its own statistics on the settlement progress of claims related to the Kaikoura earthquake with $39.1 million paid by the
EQC to insurers and 62% of building claims having received their initial assessment.
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