By Jimmy Higgins
Chief Executive Officer
21 July, 2016
We’re nearing the end of our Canterbury earthquake programme, so we’re taking a regular look at the progress we’re making for our customers.
As at 30 June 2016, we’ve now paid out $4.9 billion in Canterbury Earthquake claims – or 92% of our anticipated costs.
Vero has resolved 95% of our residential property claims, We have 290 overcap domestic properties still to resolve. For commercial claims, we’ve settled 93% our commercial property claims. We’ve got 180 left to resolve.
As we approach the end of our Canterbury rebuild programme, it may appear that progress is moving quite slowly, but most of the claims remaining are very complex. We are doing everything we can to resolve them as quickly as possible.
One area of concern that many in Christchurch still have are disputes over claims being under or overcap.
We’re working with the EQC to identify any remaining claims they have that might go overcap, and we’re usually involved in actively managing those claims with our customers and EQC, regardless of whether they’ve been officially declared overcap or not. At our last estimate in May 2016, we believe only around 20 further claims will be transferred to us.
The Canterbury earthquakes are one of the most complex insurance events in recent history, and the insurance industry – and New Zealand – has learned a lot about how our processes respond in a large-scale natural disaster.
Last year we released an independent report into the insurance response to the quakes. It found that rapid claim settlement can have a positive impact on everything from employment rates to the health and wellbeing of people in the region.
Over the last five years, we’ve taken steps to improve our processes and do what we can to speed up outcomes for our customers, and we’re proud of the role that we have played in rebuilding not just the city of Christchurch, and its economy.
Through good times and bad, we’ve been helping New Zealanders, 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 2441.
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. It is not personal advice and any description of an insurance product or service is not a complete description of all the terms and conditions applicable to the particular insurance product or service. You should consult a qualified adviser for advice on whether the information in this article is suitable for your personal situation and needs. 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.