454 (2024). Hon Dr Duncan Webb to the Associate Minister of Finance

454 (2024). Hon Dr Duncan Webb to the Associate Minister of Finance: How many years is the "several years" that Toka Tū Ake EQC expects it to take to resolve outstanding Cyclone Gabrielle claims, and why is it expected to take this long?

Hon David Seymour: I am advised that the term “several years” recognises that while the majority of Cyclone Gabrielle and severe North Island weather claims will be settled within 12 months of the claim having been made, some complex claims will take longer to settle. New claims also continue to be lodged as homeowners have two years from the dates of the events to do so. It is not possible to forecast the date for the resolution of every claim. I am advised that the majority of the remaining claims involve land claims. These claims can take time to work through, as the land needs to stabilise to the point where it can be assessed, there are other demands/constraints on the specialist resources needed, as well as complex design and remediation work. In some cases, homeowners are waiting to confirm buy-out offers before confirming insurance outcomes.