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)
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