21 Feb 2014

Many insurance claims still unresolved

3:50 pm on 21 February 2014

Three years on from the 22 February Christchurch earthquake hundreds of businesses are still waiting for their insurance claims to be settled.

The New Zealand executive director of the global insurance broker Marsh says 15 to 20 percent of quake-related commercial claims in Christchurch still haven't been resolved.

Between February 2010 and March 2011, major earthquakes hit Chile, Japan and New Zealand, and Steve Walsh says that while claims from Japan and Chile have been settled, there are still unresolved claims in Canterbury because the insurers, claim managers, engineers and even the Earthquake Commission weren't prepared for such a large event.

Mr Walsh says about 15 percent of the roughly 2200 commercial claims made to Marsh still haven't been settled, and anecdotally, that's standard across other insurance groups too.