MIL OSI – Source: Earthquake Commission – EQC – Release/Statement
Headline: Kaikoura earthquake update 5
In this month’s newsletter you can find:
- an update on EQC claims progress as at 30 September 2017 for the November 2016 Kaikoura earthquake, where we expect to be by the end of the year and when the remaining work is expected to be completed; and
- information about upcoming community events in Marlborough, Kaikoura and Hurunui regions where EQC customers can come and talk to EQC or the private insurer about their Kaikoura claim.
How we are doing
EQC and private insurers continue to make good progress on the over 38,000 residential claims. The new approach to managing these claims collaboratively with private insurers as EQC’s agents sees 87% of building assessments and 54% of building settlements complete, all within eight months of the lodgement deadline.
The memorandum of understanding between EQC and insurers has helped remove unnecessary duplication of effort and makes the most of resources across the industry. Many customers, particularly those with overcap claims, have as a result experienced a much simpler assessment and settlement process, with one party leading all the customer interaction.
What’s left overall?
As at 30 September, we’ve got left to complete:
- 13% of residential building assessments. In most affected regions the numbers are even lower due to these regions being prioritised (see table below for detail);
- 46% of all building settlements; and
- 11% of all contents settlements.
Given the volume and geographical spread of EQC claims, to have most of building claims assessed and over half of them settled within eleven months of the Kaikoura earthquake, is a positive outcome for our customers.
Below is our assessment and settlement progress in the following areas as at 30 September 2017:
|Region||Total number of
|% of building claims
left to be assessed
|% of building claims
|Marlborough||4,324||Less than 10%||45%|
|Hurunui||2,780||Less than 5%||50%|
|Kaikoura||2,159||Less than 5%||45%|
So far EQC has paid:
• $108.8 million to insurers who manage EQC customers; and
• $26.2 million to customers that EQC manages (land and/or properties with open or unresolved claims for prior natural disaster damage).
With the around 5,400 claims EQC is managing, we are close to completion. As of 30 September, we’ve only got ten percent left to settle.
So what’s next?
There is still plenty of work ahead to get all remaining customers settled, however, we are working hard and are confident that we are on track to settle at least three quarters of Kaikoura residential claims by Christmas this year.
We expect for the remaining customers to have their outstanding EQC claim resolved in early 2018.
Want to talk to us or your insurer about your Kaikoura claim?
EQC and insurers will be coming to the Marlborough, Kaikoura and Hurunui regions within the next month to give people affected by the November 2016 earthquake an opportunity to talk with us on one-on-one basis about their Kaikoura claim. Community Law representatives will also be at all the three venues.
An earthquake recovery community event is being held at the Ward Community Hall on Tuesday 17 October from 4-8pm. Check the event detail flyer for more information.
EQC and insurers are doing a drop-in insurance session at the Kaikoura Memorial Hall on Wednesday 8th November from 4-6pm.
EQC and insurers are doing a drop-in insurance session at the Waiau Community Hall on Thursday 9th November from 4-6pm.