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Canterbury Earthquake Insurance Rebuild Programme Presented by Samson Samasoni, ICNZ Communications Manager CanCERN-ICNZ Community Leaders’ Session 13 March 2014


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Insurance Claim Amounts Paid • $10.22 billion paid out at the end of 2013 $6.71 billion +$2..05 billion (+42%) $4.66 billion

$3.51 billion $1..55 billion (+79%) $1.96 billion

• Commercial claims paid out, $6.71 billion (70% of total) • Does not include the largest insurance pay out in New Zealand’s history, Port of Lyttelton $438 million • Residential claims paid out $3.51 billion


Recovery Timeline

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Response Timeline

2010

2011

2012

Seismic Uncertainty CERA Established CCC Seismic Upgrade Commercial

CERA Land Zoning Decisions Declaratory Judgment EQC Apportionment EQC Drilling Programme DBH Foundation Designs CCC Flood Data Released

December 23

June 13

February 22

December 26

Port Hills GNS Mass Land Movement December 2013 – ongoing 2014

September 4

EQC Land Settlements

2013


Claims Numbers by Type

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• 12.9% of dwelling claims are over cap, from 170,000 total dwellings • CERA reports 2,638 dwelling claims undetermined whether over or under cap

170,000 2,638

145,000 21,962

64,925

Combined claims 86,887 CERA survey as at 31 December 2013


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Completed Dwelling Claims & In Resolution • Out of Scope – 37,932 or 58% complete • Over Cap – 9,119 or 42% fully settled • All Claims – 54% fully settled


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Over Cap Dwelling Claims

Of the 21,962 confirmed as over cap: CERA survey as at 31 December 2013

3, 084 claims not finalised (14%): •2,608 (12%) offer made but insured has not decided (e.g. awaiting land, in dispute or inertia)

Settled 9,119 (42%) In Resolution 9,759 (44%)

Undecided 2,608 (12%)

•476 (2%) have not been made an offer (e.g. multi units, land, recently over cap) 9,119 (42%) are fully completed & settled 9,759 (44%) in resolution scheduled for repair/rebuild, in design, underway or pending cash settlement

86% of all over cap dwelling claims settled or in resolution


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Completing “In Resolution” Claims • Meeting projected targets subject to many dependencies outside of insurer control • Uncertainty about how many dwelling claims still to become over cap 3,770 Rebuilds

• Insurers looking to breakdown “In Resolution” pipeline analysis Projected Completion of Remaining InsurerManaged “In Resolution” Repairs & Rebuilds

Rebuilds

Repairs

2014

54%

55%

2015

38%

34%

2016

8%

11%

4,698 Repairs

1,292 Cash Settlements


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Presenting “In Resolution”

An example of the ‘pipeline’ information insurers will gather collectively to support CERA survey data.


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Inaccurate Coverage of Progress

An example of ongoing misreporting by media. Front page lead story in The Press.

16% rebuilds done, not 15% 3,770 rebuilds not 4731 15% repairs done, not 10%

5,467 total repairs not 7079 Minister: “a bit of a shock�


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ICNZ Facilitation Role

Facilitated by ICNZ Facilitated by CERA


Thank you

ICNZ Community Leaders' Presentation 13 03 14  

Presentation given by Insurance Council New Zealand to small group of community leaders in Christchurch.

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