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EQC

EQC. $7.5 Billion paid out to date 57,733 House repairs completed. Problems. Act needs overhaul - $100,000 Limit set in 1970 Too many Assessments EQC Insurer Emergency Repair Levels Land Claims & Settlement. Insurance Underwriters. Western Pacific Closed

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EQC

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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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