Quake home claims are 52% settled

ALAN WOOD
Last updated 05:00 16/02/2013

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New Zealand's biggest insurer says about 52 per cent of its Canterbury earthquake residential claims are settled or in progress, with priority now being given to "vulnerable" customers for repairs and rebuilds.

IAG Canterbury recovery executive general manager Dean MacGregor said about 22 per cent of the insurers' claims were completed, with 30 per cent "in construction" to give the 52 per cent total.

MacGregor said the other 48 per cent of the claims were queued in its rebuild and repair programme, due to begin between now and the last quarter of 2014.

The Australian ASX-listed IAG, with brands including State, NZI and Lantern, has about 7100 over cap major repair or rebuild claims in greater Christchurch.

Some of those are in the red zone.

Late last year all IAG earthquake-affected customers were informed of the rebuild or repair status of their properties, including timelines for reinstatement.

All jobs are due to begin within the next two years, based on customer priority, the insurer said.

"We are prioritising the rebuild and repair of the homes of our worst-affected customers," the insurer said.

MacGregor said the last residential repair or rebuild was scheduled to start no later than the last quarter of 2014, with the aim to complete the residential programme by December 2015.

So far the insurers had built 125 new homes, and completed major repairs on 50 homes.

Preferred builders for the new home projects included Mike Greer Homes, Stonewood Homes, Orange Homes, Jennian Homes, Versatile Homes, Golden Homes and Peter Ray Homes.

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- BusinessDay.co.nz

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