Insurers confident of quake claim targets
Insurers IAG and Southern Response are sticking to targets of completing earthquake claims by December 2015 and December 2016 respectively, despite their slow starts.
Insurers have come under fire for the long waits endured by Christchurch claimants.
The two insurers have updated their progress, with IAG saying it had completed 28 per cent of its residential claims and Southern Response 34 per cent.
The two cover nearly three-quarters of the Canterbury earthquake claims. IAG includes the State, NZI and Lantern insurance brands.
Southern Response is the Government company settling the claims of failed AMI.
Many of the completed claims are red-zone properties. They are easier to settle because many of the claimants have bought an existing house rather than build a new one.
So far IAG has completed only 262 new homes and repairs.
However, many more claims have been settled for cash, 843 of those with IAG.
IAG executive general manager, Dean MacGregor, said IAG would settle claims with cash, rebuilding new homes and claimants buying another property.
It expected to have 55 per cent of rebuild claims settled that way by next month.
It has about 2773 claims left to settle by December 2015 and had a target of completing 1646 this year.
MacGregor said claims were being fed into the system all the time.
It took 45 weeks from the start of settling a new-home build claim to completing it.
Some serious numbers would start to come through as their repair and rebuild programme built up, MacGregor said.
IAG had 681 new homes and 1121 major repairs in various stages of planning, design and construction.
However, it would not meet a target of 500 new homes completed by next month. That was because of several factors, including customer choice, consenting, land information and alternative settlement options.
MacGregor said despite rebuild figures being lower than expected, "the company remains on track to complete the entire reinstatement programme by the end of 2015".
Rose said he was confident but not certain of achieving the end of 2016 date for settling all Southern Response's claims.
BY THE NUMBERS
28% IAG residential claims settled
34% Southern Response residential claims settled
262 IAG new homes and repairs completed
127 Southern Response new homes and repairs completed
843 IAG claims have been cash settled
886 Southern Response claimants have chosen a cash settlement
- © Fairfax NZ News