Insurer Vero passes 1,000 quake claims mark

Insurer Vero passes 1,000 quake claims mark | Insurance Business New Zealand

Insurer Vero passes 1,000 quake claims mark
Vero has received more than 1,000 claims following the Kaikoura earthquake which struck two weeks ago today - and the company has now set up an official base there.

EGM of claims, Jimmy Higgins, said Vero had been on the ground since day one when it quickly realised the scale of the damage.

“It’s important we have a presence in Kaikoura so we can meet with our customers and arrange property assessments as soon as possible,” Higgins said.

“Vero has a great deal of experience in disaster management and we’ve been on the ground since day one, assessing the damage and helping our customers through this very unsettling time.”

The Vero office is based at The Craypot Café and Bar at 70 West End, Kaikoura. People can talk to a claims manager about any insurance questions they may have, Higgins said.

“The sooner people contact us, the sooner we can get on with carrying out any urgent work, and managing their claims,” he said.

“We have many learnings from the Canterbury earthquake experience and our key goals are speed of response and communication to our customers.”

Higgins said it was ‘too soon’ to put a cost on the damage from the Kaikoura earthquake but was quick to stress that Vero had strong reinsurance arrangements in place to cover all expected claims.

Likewise, Suncorp New Zealand EGM portfolio and products, Adam Heath, couldn’t be drawn on whether premiums would rise as a result of the Kaikoura earthquake.

Premiums had been edging up by ‘single-digit percentages’, as a result of the increased frequency and cost of motor vehicle claims, rising construction costs in housing, and the increasing frequency and cost of portable devices which came through contents policies, BusinessDesk reported.

Heath said: “It’s too early to say what will happen to premiums as a result of the Kaikoura earthquake.

“The priority right now is to look after our customers who have been affected by the quake.”

Related stories:
Insurer Youi jumps at chance to repair damage
Major firm reveals $200m double nat cat hit