By Jimmy Higgins
Chief Executive Officer
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.
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.