Majority of insurer-led Canterbury earthquake rebuild projects completed or underway, Insurance Council says

The majority of insurer-managed “over cap” repair and rebuild projects for damage from the 2011 Canterbury earthquake are now completed or underway, the Insurance Council of New Zealand said Wednesday.

As of the end of 2013, 1,494 insurer-managed rebuilds and major repairs had been completed and 7,625 cash settlements reached, Insurance Council spokesman Samson Samasoni said in a release. Those figures are based on a survey by the Canterbury Earthquake Recovery Authority.

Over cap claims are those over the Earthquake Commission (EQC) limit of $100,000.

“By the end of 2013, some 16,900 or 86% of the 22,000 over cap residential dwelling claims had either been fully settled and there are thousands more in the pipeline to meet the end of 2016 target,” Samasoni noted.

About 9,100 or 42% of the total residential dwelling claims have been completed or fully settled, according to the CERA data, the Insurance Council noted.

“What we’re starting to see come the through the other end of the pipeline are completed insurer-managed rebuilds and repairs that began in the second half of 2012, with 725 rebuilds and 769 repairs finished by the end of 2013,” Samasoni said.

“These were insurer-managed rebuilds and repairs that could only have started late in 2012 because of ongoing seismic activity, the release of building guidelines and ongoing EQC apportionment work,” he added.

“Insurers have not changed their view that they are on track for completing the insurer-managed rebuild program by 2016,” he added.

During 2013 more than $1.56 billion was paid out in settling and completing Canterbury earthquake residential claims.