eqc o $7.5 billion paid out to date o 57,733 house repairs completed
TRANSCRIPT
EQC
o $7.5 Billion paid out to date
o 57,733 House repairs completed
Problems
o Act needs overhaul - $100,000 Limit set in 1970
o Too many Assessments
• EQC• Insurer
o Emergency Repair Levels o Land Claims & Settlement
Insurance Underwriters
o Western Pacific Closedo Civic Insurance Struggledo AMI Govt Interventiono Allianz Left CHCHo ACE Left CHCHo AIG Retreatedo Banks Insurance Very little supporto IUA Assistedo Lumley General Hung in thereo NZI Solid Performerso State Mixed Reviewso QBE Showed Initiativeo Vero Press Loved themo Zurich Ran for cover the second time
o EQC Poor Buggerso Reinsurance Companies Why is it referred to as the Shakey Isles?
To date; Insurers have PAID $11.5 billion in commercial and residential claims
Insurance Improvements
o Names & Contact details of all CEO’s – more interaction
o Insurance companies regulations & financial security
o Broker Service Levelso Policy Coverage
o Dwellingo Indemnity Periodso Settlement terms
o Local Government Insurance Reviewo Body Corp/Multi Unitso IT Structure
Lessons Learnt
o Be organised, Plan i.e IT managemento Be proactive with insurers, squeaky wheel
gets oiled firsto Easier to ask for forgiveness than
permissiono Don’t tolerate delayso Seek advice & make sure it is followed upo Best possible insurance programme in
placeo Choose your CEO, CFO & directors wisely.