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Insurers have fully settled 87 per cent of all private insurance claims from the Auckland Anniversary weekend and Cyclone Gabrielle weather events. The two events are separately the two largest insurance weather events in Aotearoa’s history.
Insurers have settled 99,798 of 115,353 claims valued at $3.6bn
“Really good progress has been made on settling claims,” says Insurance Council chief executive Tim Grafton.
“Insurers are committed to finalising the remaining claims with their customers. We know some homeowners are waiting to settle until more is known about their local council voluntary buyout offer.
“Our message to homeowners is that your insurance claim needs to be completed before starting the property purchase process. As people will not be financially advantaged or disadvantaged by waiting we encourage people to continue to work with their insurer to finalise their claim.”
The $2.7bn paid out to December 1 covers 87 per cent of claims by volume and around 75 per cent by value. By value, residential house claims are 84 per cent, contents 95 per cent and motor 99 per cent fully settled.
The nature of Business Interruption claims means payments are spread over time and so progress is tracking as expected (75 per cent by number and 57 per cent by value).
