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Vero Voice

Cante­rbury Claims Update – Septem­ber 2016

Jimmy Higgins

By Jimmy Higgins
Executive General Manager, Claims

31 October, 2016

As we move closer to resolving our claims in Canterbury, we’re regularly reviewing our progress and sharing updates with our customers.

As at 30 September 2016, we’ve now paid out over $5 billion* in Canterbury earthquake claims.

For residential buildings, 95% of our claims are now cash settled, repaired or being repaired. We’ve got 342 left to resolve (including path and driveway claims). We’ve also cash settled or repaired 93% of our commercial property claims.

We estimate that total earthquake claim payments will top $5.4 billion, meaning we are now over 92% complete based on what we’ve paid to date. But with new claims still being reported, we continue to see a growth in our expected amount to be paid.

In my last update I wrote about the claims that continue to be transferred to us by EQC as they go over the EQC cap. In the last 12 months we’ve received over 100 additional claims, and we expect this to continue as EQC winds up its own recovery programme.

We’re working with EQC to try and identify these claims as soon as possible, but it does mean our total claims figure, and the percentage we consider to be complete, can be hard to quantify.

For customers who are still awaiting a final resolution with EQC and think they may go overcap, we encourage them to let us know so we can review their case with EQC.

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.

*includes claims paid by AA Insurance Limited, a member of the Suncorp group of companies.

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Vero Voice • 2 February 2016

A full copy of Vero’s submission on the EQC review is available here. Vero’s submission is a response as at 11 September 2015 to the Government’s proposals for potential changes to the Earthquake Commission Act 1993 (the EQC Act).

Jimmy Higgins

By Jimmy Higgins
Executive General Manager, Claims