KAIKOURA EARTHQUAKE BUSINESS CLAIMS REACH $900 MILLION

The Insurance Council of New Zealand announced today that private insurers have received business claims valued at more than $900 million from the 14 November 2016 Kaikoura earthquake.  Insurance Council Chief Executive Tim Grafton said “it is early days and the figures may change but indications are that there are more than 2,500 commercial material damage and business interruption claims worth more than $900 million.”  These figures do not include claims made where assets have been insured directly with offshore insurers.  Wellington region has taken the brunt of business losses with two thirds (65%) of the total losses, followed by Upper South Island at 25%, Canterbury at 8% and the remaining 2% from other North Island claims.  It is too early to indicate the value of residential claims.  Homeowners have until 14 February to notify their insurers of any claims.