Insurers have fully settled 87 per cent of all private insurance claims from the Auckland Anniversary weekend and Cyclone Gabrielle, with $2.7 billion paid out so far.
The Insurance Council said the two events, taken separately, were the two largest insurance weather events in New Zealand’s history.
“Really good progress has been made in settling claims. Insurers are committed to settling the remaining claims with their customers,” said Council Chief Executive Tim Grafton.
Insurers have settled 99,798 of 115,353 claims, representing about 75 per cent of the total estimated $3.6 billion in losses.
“We know that some homeowners are waiting to settle until they know more about their local council’s voluntary buy-out offer,” he said.
“Our message to homeowners is that your insurance claim must be settled before you start the process of buying your property.
“As people will not be financially advantaged or disadvantaged by waiting, we encourage people to continue to work with their insurer to complete their claim.”
The number of claims settled by value included homes at 84 per cent, contents at 95 per cent and motor vehicles at 99 per cent.
However, the Council said that business interruption claims took longer to settle as payments are usually spread over time, with 75 per cent by number and 57 per cent by value.
