Less than 30pc of Kaikoura quake claims paid
Less than 30 per cent of the value of insurance claims stemming from the Kaikoura quakes has been paid out — eight months after the event.
The 7.8 magnitude earthquake hit Kaikoura on November 14, cutting access to the town and causing widespread damage in the upper South Island and lower North Island.
According to the Insurance Coun- cil, total private insurance claims for the event were $ 1.88 billion as of June 30. But only $ 522 million has been paid out so far.
Insurance Council chief executive Tim Grafton said the industry was moving quickly. “We have a high level of confidence that the majority of people will have received settlement offers by the end of this year.”
He said 51 per cent of all residential buildings had been assessed as of the end of June and insurers were focusing on the most damaged areas.
The time between assessment and a settlement offer for residential properties was typically four to 12 weeks, Grafton said.
“Insurers continue to focus on the most damaged areas and we are pleased that assessment progress is at 73 per cent for the upper South Island as at end of June.”
Of the 31,624 domestic building claims, 11,476 had been partly or fully settled as of June 30, equating to $ 139m out of $ 446m paid out — a ratio of 31 per cent.
But much more is being claimed through commercial insurance.
Of the total claims, $ 1.39b is commercial and so far $ 364m of that has been paid out — a ratio of 26 per cent. Of the 3792 claims, 2555 have been settled or partially settled — a ratio of 67 per cent.