Insurer making steady progress over quake claims

5:44 pm on 15 February 2013

New Zealand's biggest insurer IAG says it has now settled or is negotiating more than half of its earthquake claims for major work.

A recovery update released by the company on Friday shows steady progress and gives a deadline for all quake claims.

IAG has seven thousand major residential repair or rebuild claims. Of those, 22% have been completed and 30% are under construction.

Dean MacGregor, IAG's executive general manager of Canterbury recovery, says commercial building damage claims are even further along, with 57% settled.

Mr MacGregor says the deadline for all major repair claims is the end of 2015.

IAG has 20,000 claims for more minor damage that isn't covered by the Earthquake Commission.

Twenty-two percent of these have been completed and the rest should be settled by the end of this year.

IAG's customers come under State, NZI and Lantern Insurance, as well as insurance programmes offered by ASB, BNZ and The Co-operative Banks.