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Wednesday, May 29, 2013

Canterbury recovery insurance report

The Insurance Council of New Zealand have released the latest statistics on apportionment decisions, assessments, money spent and claims being processed. Click the link for the report.

Insurers Canterbury Recovery Progress Report

Insurers have injected $7.23 billion into the Canterbury recovery comprising $4.87 billion in commercial claims and $2.36 billion in residential claims settled, the Insurance Council of New Zealand reported today.

This represents settlements of over $500 million in the past three months with over $300 million being allocated to residential claims.  These figures show residential claims settlements are running at over $3 million a day on average.

The latest data shows that of the 173,000 residential properties with a claim either with EQC or insurers, 23,000 have been confirmed as insurers’ responsibility (damage over $100,000 ex GST).

Of the 23,000 currently confirmed as the insurers’ responsibility, 6,200 have had their claims resolved and 2,600 are in the design or construction phase.  The comparable figures when the last progress report was released on 20 February 2013 were 3,600 and 2,200.

The remaining 14,000 comprise mainly those who have yet to decide on the offer given to them by their insurer, those who live in multi-unit and cross-lease properties, those living in the most severely damaged land areas and some hill properties.

There are about 3000 properties still to be apportioned between EQC and insurers.  These are properties where the damage is in excess of $80,000.  These include multi-unit dwellings, properties where EQC and insurers’ estimates are being jointly reviewed to determine apportionment and unassessed damage claims close to the $100,000 cap.

Over and above this, insurers have received 65,000 claims that fall out of scope of coverage by the EQC.  This is not damage to the home itself, but other property.

The original media release is here.

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