State makes more insurance available in Canterbury

20 September 2012

IAG insurance brands including State will be making more insurance available to existing as well as new customers in Canterbury from 1 October.

The move follows an increased level of confidence following a period of less seismic activity.

IAG’s Executive General Manager, Canterbury Recovery, Dean MacGregor, says the easing of underwriting criteria marks another step in IAG’s ongoing commitment to Canterbury and support for the rebuild.

“Our focus remains very clearly on helping those of our customers with current claims. At the same time we know that some existing and potentially new customers are keen to move forward with rebuilds and other initiatives that require additional insurance support,” Mr MacGregor said.

“As the largest general insurer in the region we are delighted to be able to help open the market up to wider discussions on insurance needs.”

Mr MacGregor said that IAG and its brands had demonstrated strong leadership in areas that have helped re-establish momentum in Canterbury – such as backing the recently launched Icefest via State, sponsorship of the new AMI Stadium and investing in several community groups and local initiatives.

“We also employ over 1000 permanent and temporary staff in Canterbury and work with local suppliers when we can to support the rebuild.”

From 1 October IAG will be able to consider new personal home insurance on a case-by-case basis for:

  • Newly built homes in categories TC1, TC2, Rural and Unmapped and Port Hills-Banks Peninsula, where the home received consent after January 2012, for both new and existing IAG clients.
  • Existing homes in TC1 and Rural & Unmapped, where the home was built after 1935 and has no structural damage and no EQC over-cap claim, for existing IAG clients.

State will be able to consider new contents insurance for any customers with a current relationship with the State brand. For new clients with no existing relationship with State, we will consider new insurance on a case-by-case basis.

State has also reviewed its commercial insurance underwriting criteria, which means in some areas it will now consider new insurance exposure on a case-by-case basis.

State will be able to consider new insurance for existing customers to cover buildings, plant/contents, stock and business interruption insurance subject to certain criteria, and increases in sums insured will also be able to be considered.

Customers should talk to their broker or direct insurance brand for further details.

“We know these are still challenging times, and believe these changes will help boost the continuing efforts to get the region get back on its feet,” Mr MacGregor said.