EQC successfully renews New Zealand’s $ 6.2 billion reinsurance program

Thursday 18 June 2020, 10:24 am Press release: Earthquake Committee

EQC has successfully renewed the $ 6.2 billion reinsurance
Program for the coming year.

“international
Reinsurers again demonstrated their continued confidence in New
New Zealand and Earthquake Commission with this year
The head of the EQC said the agreement started on June 1, 2020
Executive Master Miller.

Since 1988, it bought EQC
Reinsurance from international markets to ensure that EQC
Able to bear the costs of damage caused by large scale
Natural disasters such as earthquakes
Volcanoes.

“Reinsurance is similar to great value
Mr. Miller said Home Insurance Policy
The difference is that EQC takes this cap all over
Country, for over 90% of New Zealand homes that are
Covered by EQC through their private insurance
Policy.”

To date, EQC reinsurance has been used
Once, in relation to the Canterbury earthquakes, where
Reinsurers are expected to contribute about $ 4.6 billion
More than $ 11 billion EQC expects to pay it
Homeowners when they settle all claims.

“The
Always put the reinsurance program
An important milestone for EQC and I am very pleased
I was able to secure our full program while managing
The global impact of the COVID-19 epidemic on our operation and
Partners ”Mr. Miller commented.

New Zealand is
You are exposed to high levels of natural hazards up to EQC
Aid broker, work hard to build trust in New Zealand
Maintain access to reinsurance.

Mr. Miller commented
“EQC is a continuous investment in natural risks
Research and modeling to estimate the financial impact of
All events help provide reinsurers with a high level of
Understand the risks they are
IPO. “

“Our reinsurance program is
Crucial to provide cover for New Zealand homeowners to
Big events like Canterbury earthquakes, so we are
We are glad that reinsurers continue to support us. ”
He said.

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