EQC issues Kaikōura settlement progress report

EQC issues Kaikōura settlement progress report | Insurance Business New Zealand

EQC issues Kaikōura settlement progress report

The Earthquake Commission (EQC) has announced that it has completed 93% of residential building settlements, 97% of contents settlements and 98.5% of land settlements of the 38,000 residential claims arising from the 2016 Kaikoura earthquake.

As of February 28, the commission said it has 7%, or fewer than 2,400, of building settlements, around 300 contents settlements, and 1.5%, or just over 50, of all land settlements left to complete.

It has paid $314.7 million to insurers who manage EQC customers, and $35.2 million to EQC customers (land and/or properties with open or unresolved claims for prior natural disaster damage).

“We were responsible for directly managing just over 5,400 claims. As of February 28, 2018, we’ve got just over 90 claims left to settle,” it said. “By the end of this month, we expect less than 5%, or 1,700 building claims left to complete.”

Alongside its settlement progress report, EQC said its customers can find a lot of useful information about what to do next following the EQC cash settlement in its new factsheet “Managing your home repair.”

“In this factsheet customers can read about what they need to consider when repairing their earthquake damage, who can do the work and what homeowners’ rights are,” it added.

The commission also said it has updated its frequently asked questions (FAQs) and answers developed jointly with private insurers. People who have any questions about KaikĊura insurance claims can access the FAQs on the EQC website.

 

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