EQC and Suncorp New Zealand settle claims cost from Canterbury earthquakes
17 November 2020
The Earthquake Commission and Suncorp New Zealand, which includes Vero insurance and AA Insurance, a joint venture partnership between Vero and the New Zealand Automobile Association, have concluded negotiations to settle cost allocations for claims resulting from the Canterbury Earthquake events in 2010 and 2011.
The series of earthquakes suffered by the region caused a number of complexities in allocating building and land damage and the cost of repair between different earthquakes events.
EQC Chief Executive Sid Miller says Vero, AA Insurance and EQC have reached an agreement to resolve the allocation of costs, which was formalised in October 2020.
“This is the first agreement of its kind between EQC and a private insurer with respect to the Canterbury earthquakes and is a significant milestone for EQC, Vero and AA Insurance in the Canterbury Earthquake recovery programmes.”
Suncorp New Zealand CEO Jimmy Higgins says this settlement is an example of how the business has focussed on working collaboratively with EQC and the industry to address issues from the Canterbury earthquakes.
Suncorp New Zealand CEO Jimmy Higgins
He says Suncorp New Zealand is also very focussed on taking and applying learnings from Canterbury to improve the experience of New Zealanders in future natural disaster events.
“Our team has worked closely with the Earthquake Commission on new and better ways to support customers during a disaster.
“The new natural disaster response model announced by EQC and the insurance industry last week was a really important step in this journey and I’m really proud to see both of these agreements come to fruition.”
Media enquiries: Kimberley Cameron +64 27 208 1268
The information in this article has been compiled from various sources and is intended to be factual information only. It is not personal advice and any description of an insurance product or service is not a complete description of all the terms and conditions applicable to the particular insurance product or service. You should consult a qualified adviser for advice on whether the information in this article is suitable for your personal situation and needs. While we take reasonable steps to ensure that the information contained in this article is accurate and up-to-date, it is subject to change without notice. Suncorp New Zealand and its related companies does/do not accept any responsibility or liability in connection with your use of or reliance on this article.