According to this breakdown, the EQC Fund now totals $7.5 billion, within an additional $5.1b from EQC reinsurance, while $14.7b (or nearly half of the total cost of property-related insurance claims) comes from private insurers’ reinsurance.
Shrinking Red Zone
Demonstrating the progress that has been made around land safety in the CBD red zone, Christchurch's earthquake authorities have released maps showing how the inner-city red zone cordon has shrunk since the February earthquake.
Canterbury Earthquake Recovery Authority (Cera) chief executive Roger Sutton said on 14 December that he hoped the red zone would be opened to the public by April 2012.
Members may be interested to view how the cordon has changed. Cera has published maps showing the shrinking red zone which you can view here
MAS has settled $60m in claims across all events, of which $35m has been for domestic houses. 437 of 473 domestic Beca managed properties have been categorised, of which there are:
- 57 properties under-cap
- 269 reinstatement properties
- 111 total rebuild properties
- 36 claims cash settled
MAS have made every effort to pay contents claims as quickly as possible. We are currently managing 21 contents claims – out of an initial notification of several hundred.
Please continue to keep us informed of any changes to your domestic claims, and if you have not yet lodged a contents claim, please do so as soon as possible by phoning us on 0800 800 627 or email us at email@example.com.
Our next update will be released on 18 January 2012 – all the staff at MAS wish you a happy holiday season.