Vero payout tops $1.3billion

Christchurch insurance claims paid by leading insurer Vero have topped $1.3 billion.

The claims are for commercial and personal properties.

Vero CEO, Gary Dransfield said the $1.3 billion was a major stimulus to the regional economy. It was also important for the future development of Christchurch city.

“Insurance payments are the main source of funding for the rebuilding of Christchurch. We understand the need for the pace of claims settlement to increase.

“Together with our partner MWH Mainzeal, we are making good progress,” Mr Dransfield said.

Vero will provide construction and property insurance to customers using MWH Mainzeal to manage the rebuilding of their destroyed properties in the CBD.

“We believe it is important that we assist our customers who want to rebuild in Christchurch,” Mr Dransfield said.

According to recent research conducted by UMR, 88% of businesses in Canterbury would prefer to see the CBD built in its current location and over 78% of businesses said they expect the local economy to improve within the next two to five years.