Vero payout leaves 30% of claims to be settled

Jimmy Higgins

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

Lead insurer Vero has announced its third largest earthquake insurance payment to the Ministry of Education at $220 million.

The others were $440 million to Lyttelton Port Company and $320 million to Housing NZ.

The payout was the culmination of three years of negotiating over earthquake-damaged schools in Christchurch.

It was worked out in a “collaborative” way by assembling property-related specialists and Vero’s assessors, according to Vero external relations manager Vasantha Naidoo.

Vero has now paid more than $3 billion toward Christchurch claims – representing about 70% of its commercial and residential insurance obligations.

“Vero is satisfied with the professional and efficient approach of the ministry. We’ve enjoyed a respectful working relationship with the ministry, its advisers, engineers and other specialists.

"Negotiations can be tense and confrontational but it is refreshing when we get to work with claimants who are committed to reaching a practical resolution,” Vero’s executive general manager, Earthquake Programme, Jimmy Higgins, says in a prepared statement.

c.hutch@clear.net.nz


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.6779 -0.0006 -0.09%
AUD 0.8793 -0.0022 -0.25%
EUR 0.6086 -0.0010 -0.16%
GBP 0.4328 0.0002 0.05%
HKD 5.2560 -0.0043 -0.08%
JPY 83.2850 0.2440 0.29%

Commods

Commodity Price Change Time
Gold Index 1171.5 -7.520 2015-06-30T00:
Oil Brent 63.6 -1.280 2015-06-30T00:
Oil Nymex 59.5 1.120 2015-06-30T00:
Silver Index 15.6 -0.079 2015-06-30T00:

Indices

Symbol Open High Last %
NZX 50 5727.0 5794.4 5727.0 1.18%
NASDAQ 5000.1 5008.8 4958.5 0.57%
DAX 11050.3 11248.7 10945.0 2.57%
DJI 17600.0 17714.7 17619.5 0.00%
FTSE 6521.0 6637.3 6521.0 1.41%
HKSE 25944.0 26470.4 25967.0 1.09%
NI225 20291.0 20346.7 20235.7 0.46%