Tide of over-cap earthquake insurance claims bigger than thought

  • The tide of earthquake insurance claims still to go over-cap is likely to be bigger than figures suggest.

Five-and-a-half years since the start of Canterbury earthquakes, the Earthquake Commission (EQC) is ruling about 120 homes a month are over its $100,000-plus-GST liability cap.

In most cases owners have to start from scratch with private insurers to have their claims assessed.

Tim Grafton, chief executive of the Insurance Council (ICNZ), which represents insurance companies, said the numbers still going over-cap were concerning.

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Over Cap

CARYS MONTEATH/FAIRFAX NZ
Thousands of Cantabrians have earthquake claims still in limbo.

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