The earthquake committee settles a tower insurance claims dispute

$ 42.1 million will be paid for insurance for the towers after the dispute is settled with the Earthquake Commission (EQC) over Canterbury earthquake claims.

Tower Insurance Chairman Michael Stiasne is happy to have reached an agreement. Photo: RNZ / Dan Cook

The dispute resolution process began last year with instructions from then CEO Richard Harding.

In the wake of the Canterbury earthquakes, EQC and insurers agreed to pay claimants up front, seeking compensation – called laundry payments – later when they had more resources, however, insurers’ impatience awaited the money.

Harding claimed that $ 53.1 million was owed to the company from EQC and said the company would “pursue it to the fullest”.

EQC said at the time that it was in “friendly” discussions with all insurers and it was not a process that could be worked out quickly.

Michael Stiasney, chairman of Tower Insurance, said it was a good idea to have the process resolved.

Stiassny said Tower would cancel the difference, bringing its full-year 2020 profit to around $ 9.5 million.

“The Canterbury earthquakes are still an important event in New Zealand’s history and will have a lasting impact on society. For the sign, this legacy has resulted in deviations that have been gradually removed over the years and it is important that we provide the management team with fresh air to push the business forward and expedite.

“The Board of Directors decided that reaching this settlement agreement dealt with any remaining unpredictability and gave certainty to our shareholders, who would be happy to see this risk removed from our business.”

EQC CEO Syed Miller said the settlement had allowed both companies to “draw a line beneath the past.”

EQC and private insurers recently announced a new catastrophe insurance claims model, in which private insurers will handle the entire claims process.

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