Christchurch's Catholic diocese has more than 50 properties in Canterbury and the West Coast to be either strengthened, repaired or rebuilt.

About 75 per cent of the strategies have been finalised.

Diocesan financial administrator Paddy Beban said although progress could have been faster, he was "happy where we're at".

Its insurance claims were settled in 2012, but the pool was not sufficient to repair and strengthen all churches.

"It's not so much those that are subject to an insurance claim, it's those that aren't [but are] earthquake-prone. Because of heightened awareness, we need to look at those in the mix too."

Churches at Burwood and St Albans are due to be demolished and up to 12 projects, excluding the historic Cathedral of the Blessed Sacrament, are heritage restorations.

Some parishes will continue to share facilities, while others have officially merged. About 50 parishes have become 30.

"I guess [the share arrangements] are working, but I have to say it isn't as good as being in your own local church," Beban said.

The former St Paul's site in Dallington has been sold and the Burwood church is unlikely to be rebuilt. A church will instead be built in Mairehau.

The Catholic cathedral remains in ruins in Barbadoes St but engineering and geotechnical reports have been sought.

Source

• The Press
• Image: media.independent.com

The policy is with Ansvar and expires on November 30.

Christchurch diocesan financial administrator Paddy Beban says the diocese was shopping around to see what insurance company and what policy it would go with as of December 1.

"My gut feeling is there might be some (earthquake cover) available, but how affordable that is is something that one has to weigh up, and the signals are that it will be a significant amount of money," Beban said.

Earthquake cover could prove expensive not only in terms of the premium, but the excesses could also be large.

"We will have cover in place for the first of December for risks excluding earthquakes, and if earthquake cover was deemed to be affordable we would consider taking it," he said.

He expected premiums to increase regardless.

The Ashburton Guardian reports that the $6.5 million dollar Holy Name Church in Ashburton and its accompanying presbytery, churches at Rakaia, Methven and Tinwald, and the district's two Catholic schools of St Joseph's in Ashburton and Our Lady of the Snows in Methven, are already without earthquake cover under the diocese's current policy.

Earlier this year Beban said the lack of earthquake cover for the two schools meant the church was technically in breach of its integration agreement with the state, to maintain standards as a proprietor and have the buildings fully insured.

Source

• The Ashburton Guardian
• Image: Historic Places Trust

In February the company, formally known as Ansvar, changed its name to ACS (New Zealand) to avoid confusion with its immediate parent company Ansvar Insurance Ltd (Australia).

The plan comes into effect if a "trigger event" occurs - basically, if ACS becomes insolvent. It would allow ACS to have managers instead of liquidators take control if the company became insolvent.

In approving the application Justice Venning said the scheme provided the best opportunity for an "ordered and efficient" management of insurance claims.

"It is inevitable that if a liquidation was to occur, the liquidator would need some time to familiarise themselves with the operation of the company and would proceed on a cautious basis which would likely result in material delays when dealing with claims."

At a meeting on 12 June in which ACS sought creditors' approval of the plan, the financial administrator of the Catholic Diocese in Christchurch, Paddy Beban, asked, "Why the haste?"

There had been a lack of time to consider the material and as late as 8.30pm the night before the meeting additional data had been posted on the company's website, he said.

Reports from KPMG and the Reserve Bank had been released only a few days before.

In its report The Reserve Bank report raised red flags over the fairness to policyholders of a scheme that took longer to settle their claims.

It also raised concerns about the solvency of ACS, highlighted by an independent report by KPMG which indicated a 25 per cent risk of ACS not being able to settle the hundreds of millions of dollars of earthquake claims.

At the meeting Policyholders voted in favour of a contingency scheme put forward by ACS.

On June 30, ACS will be subject to legislated solvency requirements - the Solvency Standard for Non-life Insurance Business in Run-off - which requires a higher solvency buffer than the Companies Act test.

Source

• Stuff.co.nz
• New Zealand Herald
• Business Day
• Image: TV3

Five churches have been demolished, and a further 16, including the Basilica, have been out of action since December.

Financial Administrator, Paddy Beban, says at this stage the bill for rebuilding and repairing the churches is in excess of $120 million.

Source

• NewsTalkZB
• Image: The Press