Settlements reached for 82% of Kaikōura claims
The Insurance Council today released figures showing that 82% of all claims resulting from the Kaikōura earthquake have been fully- or partially settled.
The figures, taken as at 30 November, show 96% of residential and commercial claims have been assessed one year on from the event. 82% have been fully- or partially settled.
“A year on, insurers have paid out more than $1 billion in claims related to the 14 November earthquake,” said Insurance Council Chief Executive, Tim Grafton. “Of the more than 39,000 residential claims made, 79% of building claims and 95% of contents claims have been fully- or partially settled.”
“These figures contrast starkly with those out of Canterbury a year after the last major quake,” said Grafton.
In Canterbury, EQC scoped and assessed all non-land claims then passed only those over the $115,000 cap to private insurers for further scoping and settlement. “Recent figures show that 7 years on, this process has not proven efficient and is continuing to negatively affect people’s lives, “ said Grafton.
After the Kaikōura quake, private insurers logged, scoped and assessed claims, settled with their clients then worked separately with EQC to reclaim payments for anything under the cap. This meant people who made claims only had one body to deal with: their own insurer.
“Kaikōura was a pilot to see if this sort of system could work. It is crystal clear to us that it has. These figures prove that,” said Grafton.