tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Measuring adviser wellbeing       TAKE PART IN THE SURVEY Dismiss
Last Article Uploaded: Thursday, September 23rd, 10:13PM

Insurance

rss
Latest Headlines

EQC offloads disaster claim management to Kiwi insurers

From the end of June, New Zealanders will have a single point of contact for natural disaster claims with the EQC handing over management of claims to eight local insurers.

Tuesday, June 29th 2021, 11:29AM

by Matthew Martin

The new Natural Disaster Response Model between the Earthquake Commission (EQC) and eight New Zealand insurers was announced in November last year and sees insurers managing claims for EQC’s natural disaster insurance cover - called EQCover - on behalf of EQC.

"The improved model gives customers simplicity and clarity at a time they need it most," says EQC chief executive Sid Miller.

"Instead of dealing with EQC as well as your insurer, customers will now just deal directly with their insurer for the lodgement, assessment and settlement of all future claims."

Insurance Council New Zealand chief executive Tim Grafton says customers need the best support they can get after a natural disaster in what can be a very stressful situation.

"The new collaborative partnership between EQC and insurers delivers a world-first scheme - putting the customer at the heart of one of the most unique and responsive natural disaster response platforms globally."

The eight private insurance companies represent more than 20 insurance brands (see full list below) and will take over responsibility for settling claims on behalf of the EQC on June 30.

Together, they have worked with EQC and the Insurance Council of New Zealand to deliver a partnership model that streamlines the claim settlement process and experience for customers through the effective exchange of information.

Miller says while insurers will handle the claims, "...a robust quality assurance system underpins the model to ensure EQC’s obligations will continue to be delivered consistently and fairly for all homeowners entitled to EQCover".

Under the new partnership model, insurers will assess, manage and settle the entire claim - including the EQCover portion - up to the statutory capped level of damage under the EQC Act, and then any claim under their private insurance to cover additional losses up to their sum insured.

Insurers will also provide data to EQC about where insured homes are located, so EQC can better model New Zealand’s exposure to - and understanding of - natural hazard risks.

Companies involved in the partnership model:

- AA Insurance: AA Insurance

- Chubb: Chubb

- FMG: FMG

- Ando (Hollard): Ando and bank partner Kiwibank (Kiwi Insure)

- IAG: AMI, State, NZI, Lumley, Lantern, and bank partners Westpac, ASB, BNZ, and The Co-operative Bank

- MAS: MAS

- Vero: Vero

- Tower: Tower, and partner TradeMe Insurance (TMI)

Tags: EQC insurance Insurance Council NZ

« Cigna extends multi-benefit discountICNZ launches te reo Maori title »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
Insurance Briefs

FMA licensing workshops popular with Fidelity Life advisers
A series of online licensing support workshops jointly hosted by Fidelity Life and the Financial Markets Authority have attracted almost 200 adviser registrations.

Check your cover and win a prize - ICNZ
This week is Money Week and the Insurance Council of New Zealand (ICNZ) is encouraging New Zealanders to make one day their ‘Insurance Day’ to ensure their insurance meets their needs.

Tower hits the water with boat insurance offering
Tower Insurance has announced it will now be offering boat insurance policies online. 

$10k scholarship for insurance professionals opens
Submissions are now open for a scholarship designed to support the professional growth and development of insurance industry practitioners in New Zealand.

News Bites
Latest Comments
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News
Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com