Russell McVeagh has been working alongside the Earthquake Commission (EQC) on a project that will see EQC work in partnership with private insurers to improve customer experience and support New Zealanders through natural disasters in future. Bell Gully advised a group of general insurers.
The partnership and new model will provide an improved, more collaborative approach to assist Kiwis claim for damages to their homes in the wake of natural disasters. The unique model will begin in Q2 2021 and will mean that anyone with home insurance that experiences damage, will only need to lodge a single claim through their private insurer.
The project involved negotiations between EQC and eight private insurers (AA Insurance, Chubb, FMG, Ando (Hollard), IAG, MAS, Vero, and Tower), with those private insurers representing more than 99% of the residential insurance market.
The Russell McVeagh team was led by Corporate partner Mei Fern Johnson (Picture).
The Bell Gully team was led by partners Glenn Joblin and David Friar, and special counsel Susannah Shaw.