IAG to finish quake work by 2015

02:41, Dec 21 2012

New Zealand's biggest insurer plans to finish all its earthquake rebuild and repair work by 2015.

IAG said today all its residential rebuilds would start within two years, with the last scheduled to start no later than the last quarter of 2014.

Its programme involves 1700 home rebuilds and 3000 major repairs.

IAG Canterbury recovery executive general manager Dean MacGregor said customers could expect a letter this week confirming which quarter of 2013 or 2014 work on their property would begin.

All customers had had their rebuild or repair status confirmed, he said, but some could change.

"The rebuild and repair determination is based on assessments conducted to date. With additional information, such as geotechnical analysis, it is anticipated there will be some cases where, when work starts, a repair may become a rebuild."


He said the hardest-hit customers, with uninhabitable homes, would have their cases well advanced by next year.

New builds took about 42 weeks on average, with 20 weeks spent on planning and consenting and 22 weeks working on site, he said. Repairs averaged about 38 weeks.

At its peak, the programme will deliver 85 new homes and 150 major repairs a month.

The Press