The Kaikoura earthquake recovery is progressing well, according to data from the Insurance Council of NZ.
The insurance sector exceeded its goal of having a majority of claims settled by the end of 2017.
At the end of December, 88% of all domestic claims had been partially or fully settled.
“These numbers show how effective the approach insurers and EQC took to managing events post-Kaikōura has been,” said ICNZ chief executive Tim Grafton. “By allowing people to make claims with their insurers for non-land damage that EQC may cover, the vast majority of insurers—acting as agents for EQC—have enabled thousands of people to have their claims assessed and settled much faster than we saw post-Canterbury earthquake.”
After Kaikoura, insurers managed and settled most domestic claims. Private insurers have also managed all commercial claims.
“This is the model for the future, which the new Labour-led government should require for management of any future natural disasters,” said Grafton.
Total insured losses to date for the Kaikōura earthquake are $2.14 billion, of which $631 million is from domestic claims.