New Zealand Seismic Commission raises insurance to nearly $7 billion upon renewal

The New Zealand Earthquake Commission (EQC), a state-owned residential property catastrophe insurance entity, has secured the largest reinsurance program tower in history upon renovation, securing nearly $7 billion in protection for the 2021/22 fiscal year. The Commission (EQC) has been buying reinsurance protection from the market since 1988, increasing its funding and reducing the potential financial burden for New Zealand taxpayers when a major disaster, such as an earthquake or volcanic eruption, occurs.

This year, NZ EQC chose to increase the size of its reinsurance tower by more than 12%, having bought $6.2 billion in reinsurance a year ago.

This year, the EQC lauded the insurance for providing “record-high reinsurance coverage of nearly $7 billion in the international reinsurance market,” meaning it’s better protected than ever.

“We are very pleased to have been able to increase the insurance cover for New Zealand homeowners despite a tougher international reinsurance market due to the impact of Covid-19 and several major natural disasters,” explained Sid Miller, CEO of EQC.

Miller went on to say that this year’s reinsurance negotiations “demonstrated the confidence of international reinsurers in the EQC scheme, loss modeling, and the research that supports it.”

“Building trust on a personal level with key people in the reinsurance market is critical, but due to travel restrictions, negotiations had to be conducted through endless late-night video calls, to end up with such a good outcome speaking Much to the reputation that EQC has gained over many years and the outstanding support provided by our reinsurance broker, Aon,” Miller explained.

Miller said the 12.5% ​​increase in coverage, for an 11% increase in total premiums, is “good value for the Crown and New Zealanders,” despite the current difficult state of the global reinsurance market.

Reinsurance also supports New Zealanders in making home insurance more affordable and available to them.

“We are also pleased to see that about two-thirds of this cover is provided by the same reinsurers who covered the damage caused by the Canterbury earthquakes, so once again, it shows that reinsurers remain confident in our ability to manage the impact of natural hazards in New Zealand. We We thank them for their continued support.”

EQC invests more than NZ$17 million each year in natural hazard research and modeling, the organization said, while exploring mitigation strategies, such as better engineering solutions.

“All of this research feeds into loss modeling that EQC shares with reinsurers to provide a New Zealand view of the risks of natural hazards covered by the scheme.

“This modeling enables New Zealand and the international insurance market to understand and estimate the risks underwritten by the system and provide confidence in the insurance of any potential damages after the event,” Miller explained.

In addition, the EQC Research and Resilience Program sees it as supporting the work of geologists, seismologists, volcanologists, engineers, statisticians, risk setters and other experts at universities and agencies in New Zealand.

“This research helps us understand the risks posed by our natural hazards, but more importantly, helps us prepare for and manage the impact of these natural hazards,” Miller said.

We assume that some capacity provided by ILS funds will participate in the NZ EQC reinsurance program again, as was the case a year ago.

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