11 May 2015

Insurers paid out $15b for quake claims

5:18 pm on 11 May 2015

Private insurers have paid out almost $15 billion to settle building claims in Canterbury since the earthquakes.

The Insurance Council of New Zealand said insurance companies had resolved about 15,000 over-cap residential claims and had rebuilt or repaired almost 600 homes in the first three months of this year.

The Council's chief executive Tim Grafton said the council was working with the Earthquake Commission to determine how many more claims may be transferred to insurers and said homeowners at odds with the commission should let their insurers know.

Mr Grafton says 71 percent of claims over $100,000 were underway or had been settled while a further 23 percent were in resolution, meaning cash settlement was pending or the rebuild or repair was being priced.

More than 11,000 over cap claims had been cash settled so far.

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