IAG joins Suncorp and Tower to settle earthquake claims with EQC – Corporate News – Insurance

IAG joins Suncorp and Tower to settle earthquake claims with EQC

November 30, 2020

The IAG has reached an agreement with the New Zealand Earthquake Commission (EQC) to settle the cost apportionment of claims resulting from the 2010 and 2011 Christchurch earthquakes.

The settlement followed similar agreements recently announced by Suncorp and Tower with the state agency.

“We are pleased to negotiate a settlement with EQC in a constructive and timely manner, which has avoided the need for costly and long-term litigation,” said Craig Olsen, CEO of IAG New Zealand.

“The two parties can now move forward with confidence, and we look forward to continuing our cooperative efforts with EQC to further strengthen the critical insurance frameworks that support New Zealand’s ability to recover from natural disasters.”

Cost allocations became a problem due to a series of earthquakes that struck the region between the 2010 and 2011 catastrophes. The situation resulted in complications in calculating building and land damage as well as the cost of repair between different earthquake events.

Tower says its settlement with EQC will see the insurer receive NZ $ 42.1 million ($ 40 million) after disbursing to reinsurers and costs. Writing off the remainder will have an impact of NZ $ 9.5 million ($ 9 million) on the tower’s net profit for the 2020 fiscal year.

The insurer says the settlement enables it to shift its “full focus to the future.”

“The Canterbury earthquakes are still an important event in New Zealand’s history and will have a lasting impact on society,” said Michael Stiasny, chairman of the tower.

“The Board of Directors decided that reaching this settlement agreement dealt with any remaining unpredictability and gave certainty to our shareholders.”

EQC chief executive Syed Miller says the settlement means both companies can “draw a line under the past, and continue to focus on helping settle any remaining customer claims.”

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