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New Zealand: Insurance Council rejects earthquake court

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New Zealand's Insurance Council is rejecting the Labour Party's proposals to establish a specialized earthquake court, calling it "misguided," The New Zealand Herald reported.

The party said lawyer costs and witness fees will be funded by the government.

Costs will be recouped through a levy on insurers and the Earthquake Commission, proportionate to the awards granted.

Labour says 10,000 insurance claims have not been settled.

Insurance Council CEO Tim Grafton said "the reality is that 87% of the 22,500 over cap claims with insurers have been settled or agreement reached with the customer."

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