Christchurch Earthquake

EQC assessments could take months

16:04 pm on 20 September 2010

The Earthquake Commission is urging Canterbury people to be patient as it works through damage claims.

Chief executive Ian Simpson, says claims are being handled on a priority basis and the process will take weeks and in some cases months.

From Monday, the commission has about 300 people on the ground, just over 200 of whom are assessing properties.

Meanwhile, the commission has extended its definition of emergency repairs - which don't require an EQC assessment - to include roofing repairs up to a value of $2000.

Higher premiums likely

The Insurance Council says the Canterbury earthquake is likely to result in higher premiums for the whole country.

Nearly 60,000 claims have been made to insurers so far as a result of the disaster.

Insurance Council chief executive Chris Ryan says an increase is a logical expectation considering billions of dollars is set to be poured into the Canterbury region.

Liquefaction 'not an problem' for reinsurance

Some property owners have questioned whether insurers will offer renewed cover for housing on land that suffered liquefaction, even if EQC and the city council fix the land and consent to rebuilding.

However AMI chief executive John Balmforth, says doesn't anticipate an issue with providing insurance, especially if the land is signficantly reconstituted.

He says one way for insurance agencies to manage the risk involved with insuring land with a propensity to liquify is for them to insure themselves with major international companies, known as reinsurers.

Mr Ryan does not envisage any problems either, providing the property has been given full consent. He says there is no incentive for insurers not to offer cover.