Vero promises action in the new year

MARTA STEEMAN
Last updated 13:48 14/11/2012

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Australian insurer Vero says it is aiming to ramp up its earthquake repairs and rebuilds early in the new year and talk with more of its TC3 customers.

Vero's executive manager, earthquake programme, Jimmy Higgins, said: "While there is currently a modest number of over-cap domestic rebuilds and repairs underway, we expect construction activity to significantly increase in the first half of next year.''

Vero, New Zealand's second largest general insurer, had about 200 repairs and rebuild projects ready to start and would have another 500 to 600 by Christmas in the pre-construction and construction stage.

It had sent its residential claimants start dates for their repairs and rebuilds by the end of September.

The start dates are within the next six months and go through to 2015.

Vero is not saying when it expects to complete is rebuilds and repairs.

Higgins said all up it had settled almost 50 per cent of its 19,600 commercial and domestic claims including payments of $1.76 billion.

It had started some repairs in the technical category three zone (TC3).

The zone is considered vulnerable to moderate to severe liquefaction and has the most complexity around land remediation and foundation repairs. About 28,000 Christchurch properties are in TC3.

Higgins said Vero's drilling programme was enabling better understanding of how to repair and rebuild in TC3.
It expected to talk with more of its TC3 customers next year.

Vero had over 1,000 projects in the final stages of preconstruction. 

Almost one third of its "non EQC" claims - for drives, paths, fences, swimming pools, retaining walls etc - were completed or near completion. 

It was paying between $80 million and $100m a month in claims, Higgins said. 

The company had set up specialist teams for customer groups such as a team for TC3 claims and one for "non EQC" claims to accelerate its response.

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- BusinessDay.co.nz

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