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Overhauling EQC: Challenges and Insights After $11.5 Billion in Claims

The Earthquake Commission (EQC) has paid out $7.5 billion to date, reflecting the need for significant reforms in its operations, with a 1970 limit of $100,000 underpinning ongoing issues. More than 57,733 house repairs highlight persistent problems, ranging from excessive assessments to insurer challenges. Key players like Allianz and AIG have exited the market, while others like NZI show solid performance. With calls for better regulatory frameworks and improved insurance program designs, the crisis urges proactive engagement from local authorities and insured parties alike.

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Overhauling EQC: Challenges and Insights After $11.5 Billion in Claims

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  1. EQC • $7.5 Billion paid out to date • 57,733 House repairs completed

  2. Problems • Act needs overhaul - $100,000 Limit set in 1970 • Too many Assessments • EQC • Insurer • Emergency Repair Levels • Land Claims & Settlement

  3. Insurance Underwriters • Western Pacific Closed • Civic Insurance Struggled • AMIGovt Intervention • Allianz Left CHCH • ACE Left CHCH • AIG Retreated • Banks Insurance Very little support • IUA Assisted • Lumley General Hung in there • NZI Solid Performers • State Mixed Reviews • QBE Showed Initiative • Vero Press Loved them • Zurich Ran for cover the second time • EQC Poor Buggers • Reinsurance Companies Why is it referred to as the Shakey Isles? To date; Insurers have PAID $11.5 billion in commercial and residential claims

  4. Insurance Improvements • Names & Contact details of all CEO’s – more interaction • Insurance companies regulations & financial security • Broker Service Levels • Policy Coverage • Dwelling • Indemnity Periods • Settlement terms • Local Government Insurance Review • Body Corp/Multi Units • IT Structure

  5. Lessons Learnt • Be organised, Plan i.e IT management • Be proactive with insurers, squeaky wheel gets oiled first • Easier to ask for forgiveness than permission • Don’t tolerate delays • Seek advice & make sure it is followed up • Best possible insurance programme in place • Choose your CEO, CFO & directors wisely.

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