New Zealand Earthquake Commission Payouts Surpass $4B

New Zealand’s EQC has paid out more than $4 billion for Canterbury earthquake damage, including $870 million spent on house repairs.

EQC’s Chief Executive, Ian Simpson, says he expects that the rate of payments and claim settlements will escalate because the groundwork that is essential for resolving many claims has now been done. This includes important work such as TC3 drilling – required to determine foundation repairs – and assessments – necessary to enable land settlements.

“We’ve been in a complex investigation and development phase, and we will see the benefits of that in the coming year,” Mr Simpson says.

By the end of 2013, EQC will have:

New Zealand earthquake damageEQC’s total Canterbury claim liability is estimated at $12 billion.

Source: EQC