Majority of Kaikoura Earthquake claims settled by end of the year

Majority of Kaikoura Earthquake claims settled by end of the year

13 November 2017

 

Majority of Kaikoura Earthquake claims settled by end of the year

New Zealand’s leading rural insurer FMG is on track to have 90% of its Kaikoura Earthquake claims completed by the end of the year.

Currently, FMG has settled around 65% of the 3,400 claims its managing, which includes those being managed on behalf of EQC.

“Tuesday 14 November marks the one-year anniversary of the earthquake and while we’re pleased with the progress we’ve made to date, we know there’s still more that needs to be done for our clients in resolving outstanding claims,” said FMG’s Chief Underwriting and Claims officer Nathan Barrett.

“With a dedicated team working solely on Kaikoura Earthquake claims, we remain as committed today as we did in the days and weeks immediately after the earthquake, to help all clients get back on their feet,” said Mr Barrett.

A new arrangement coming out of the Kaikoura Earthquake saw a number of private insurers agree to act as agents for EQC and manage all building and contents claims.

“For us, this new model is a win win. For clients, it means that they only have to deal with one insurer, reducing hassle and double handling. At the same time, as an insurer, we have an early and full view of all claims, allowing us to prioritise the recovery effort and move at a greater pace.

“We feel it’s a significant reason as to why we’ve been able to progress the resolution of claims in a timely and efficient manner. We’d certainly support any move that would see it adopted for future, similar events.

“Right now attention may well be on the Kaikoura Earthquake recovery, but we want to be clear that resolving our few remaining Canterbury Earthquake claims, also continues to be a top priority for the Mutual.

As a business we’re well equipped to respond to and manage both of these major events, as well as the multiple storms we’ve experienced this year, together with all other claims FMG receives on a day-to-day basis,” said Mr Barrett. 

ENDS

Colin Wright

Communications Manager, FMG

colin.wright@fmg.co.nz