The impact of the Kaikoura earthquake on insurance continues after five years

“As an organization, we used to deal with about 4,000 active claims per year, but now we have 450,000 active claims from this earthquake sequence,” Lindsey wrote in a post on the EQC website. “We knew we needed to learn from the Canterbury experience and adjust our approach in response to future natural disasters, so when the Kaikoura earthquake struck, we took the opportunity to adapt our delivery method.”

Like previous Canterbury earthquakes, the Kaikoura earthquake caused significant damage to infrastructure, resulting in a large number of claims and a feeling of isolation for many in the community. According to the EQC, it has received nearly 40,000 claims for residential buildings, land and contents for this event.

For the Kaikoura earthquake, EQC worked closely with the insurance industry, allowing it to pilot an approach that allowed private insurers to manage natural disaster claims from start to finish.

“There is no doubt that Kaikoura was a great job,” Lindsay said. “We needed to work closely with our insurance company partners to support an effective approach and ensure our clients get the best possible results. Forming partnership and camaraderie across the industry helped us overcome the challenges we faced together. As a result, it was positive to see 75% of clients satisfied. about the claims process, and that in the first year alone, 80% of claims were settled and closed, with less than 5% reopening.”

Read more: The EQC Insurance Company Model: What Improvements Will Customers See?

Last year’s public inquiry into the EQC identified several areas for improvement, one of which was the development of a single point of contact for consumers. Another point addressed in the EQC is the improvement of data sharing and loss modeling capacity, allowing the insurance sector to be better prepared and more resilient for various natural disaster scenarios.

“Our response in Kaikoura has helped us reimagine our business and implement a new natural disaster response model, which was launched this year,” Lindsay said. “The model sees private insurers managing EQCover claims on our behalf. As a result, it enables a unified and interconnected insurance response and refund system.”

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