RESEND: Vero faces bigger bill for Canterbury quakes because of new over-cap EQC claims

Fri, 12 Feb 2016

(Fixes CEO's name throughout) By Paul McBeth Feb. 12 (BusinessDesk) - Vero New Zealand, the general insurer owned by Australia's Suncorp Group, has increased its assessment of the likely cost from the series of Canterbury earthquakes by $123 million, largely because of new claims that exceed the Earthquake Commission's $100,000 cap. Chief executive Paul Smeaton told BusinessDesk the insurer anticipates its share of the 585 over-cap EQC claims will be about 125, which have been accounted for in its latest results. At the insurer's curr...

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