Westpac has broken Christchurch’s insurance deadlock with policies for new construction and full replacement home and contents policies.
The lack of available insurance has left hundreds in limbo and unable to get on with rebuilding their lives after the earthquakes. To overcome that, Westpac and partner, Lumley Insurance, has secured international reinsurance backing. Westpac hopes, by being the first major financial institution in New Zealand to do so, it will help open up the market.
Westpac Managing Director Private, Wealth and Insurance, Simon Power, said customer feedback was the driver in persevering to put the ‘Canterbury New Build Pac’ together.
“We have listened to the frustration and anguish many of our customers have experienced through the lack of available insurance to build a new home and have been determined to find a practical solution,” Mr Power said.
“Now, not only do we hope this helps people move on but it also goes some way to opening up the market.
This is an incredibly significant announcement. Hopefully others will now do the same, so those building in Christchurch can get insurance, and have a choice of provider.