By Jimmy Higgins
Chief Executive Officer
29 April, 2016
As we near the end of our Canterbury earthquake programme, we’re taking a regular look at how we’re progressing.
As at March 2016, we’ve now paid out $4.8 billion in Canterbury Earthquake claims – or 91% of our anticipated costs.
Vero has now resolved 94% of all residential property claims. Of these, 92% have either cash settled or completed construction. For commercial property claims, we have resolved 93% of claims and paid out 95% of claims costs.
As at 31 March 2016, we have 316 overcap residential properties to resolve and 112 EQC-excluded claims. There are 198 commercial properties remaining.
Many of the remaining claims are complex or include factors outside of our control, but our dedicated team is doing everything we can to resolve the remaining claims as quickly as possible. We are planning to have most of our claims resolved by the end of this year, with construction continuing into 2017.
For Vero and our customers, one area of uncertainty remains new claims coming in from the EQC. However, Vero is working with the EQC to identify, where possible, any remaining customers who are still likely to go overcap.
Through good times and bad, Vero has been helping New Zealanders. We’re proud of the role we’re playing in the recovery of this beautiful city, and we’re not going anywhere.
If you have an earthquake claim enquiry, you can contact your insurance broker or adviser, or you can call Vero’s dedicated earthquake claims team on Call us0800 808 121 or AMP on Call us0508 806 244.
Vero Insurance welcomes the announcement of an agreement with the Earthquake Commission (EQC) which will see private insurers act on EQC’s behalf and manage all claims from their own customers from the Kaikoura earthquake.
The information in this article has been compiled from various sources and is intended to be factual information only. Full details of policy terms and conditions are available from Vero Insurance New Zealand Limited or your financial adviser. For advice on product suitability, please contact your financial adviser. While we take reasonable steps to ensure that the information contained in this article is accurate and up-to-date, it is subject to change without notice. Vero Insurance New Zealand and its related companies does/do not accept any responsibility or liability in connection with your use of or reliance on this article.