New Zealand’s largest general insurer, IAG (trading under the brands AMI, State, NZI, NAC, Lumley and Lantern), and the Earthquake Commission (EQC) have today reached an agreement to resolve the division of costs for claims resulting from the 2010 and 2011 earthquakes in Canterbury.
IAG Chief Executive New Zealand Craig Olsen says, “We are pleased to have negotiated a settlement with EQC in a constructive and timely manner which has avoided the need for costly and protracted court proceedings.
“Both parties can now move forward with certainty, and we look forward to continuing our collaborative efforts with EQC to further strengthen the critical insurance frameworks that underpin New Zealand’s ability to recover from natural disasters.”
EQC Chief Executive Sid Miller says, “We are very pleased to have reached an agreement with New Zealand’s largest insurer and this is another significant milestone for EQC and IAG in the Canterbury Earthquake recovery programmes.”
Earlier this month, IAG welcomed an announcement from the Earthquake Commission (EQC) and Insurance Council of New Zealand (ICNZ) outlining changes designed to make natural disaster insurance claims more streamlined for customers.
IAG played a central role in driving these changes, which, once implemented in mid-2021, will simplify the claims experience by making private insurers the single point of contact for customers in the event of a natural disaster.