Kaikōura earthquake claims reach NZ$1.8bn

The total value of insurance claims for the 14 November 2016 Kaikōura earthquake in New Zealand as at 31 May 2017 is NZ$1.84 billion (£1.06 billion) the Insurance Council of New Zealand reported on June 21.

The 7.8 magnitude Kaikoura earthquake has particularly hit buildings and businesses in New Zealand’s capital Wellington.

Private insurers have received nearly 43,000 claims, of which over 31,000 are for residential properties. Insurers are acting as agents for the Earthquake Commission (EQC) and are managing most of the residential building and contents claims. These claims and costs do not include any land claims, or house and contents claims that EQC is managing for the Kaikōura earthquake nor where insurance has been purchased off-shore.

Insurance Council chief executive Tim Grafton said most is for commercial loss at NZ$1.36 billion, with residential claims amounting to over NZ$460 million.

“Progress is now moving at a rapid pace, so we have a high level of confidence that most people will have received settlement offers by the end of this year,” Grafton commented.

“Forty percent of all residential buildings had initial assessments completed by the end of May compared with 32 percent in April and 19 percent in March. Insurers continue to focus on the most damaged areas and are making pleasing progress with 57 percent assessed in the Upper South Island in May, compared with 45 percent in April” he said.

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