The New Zealand Seismic Commission is developing a reinsurance program to a record size

Despite the hardening of global reinsurance markets, the New Zealand Earthquake Commission (EQC), the state-owned residential property insurance body, has expanded its reinsurance program to a record $7.2 billion in protection. The Commission (EQC) said its reinsurance tower provided nearly $7 billion in coverage for 2021/22.

But for the 2022 renovation, NZ EQC says it added $470 million, taking the tower to a reinsurance record of $7.2 billion.

The organization said today that NZ EQC expanded its reinsurance program by nearly $1.2 billion in just two years.

“We are grateful for the continued support of our long-standing reinsurance partners, particularly as reinsurance markets have grown significantly more robust over the past few months. “We are very pleased to be able to secure this level of reinsurance for New Zealand homeowners,” said Tina Mitchell, CEO of EQC.

Mitchell explained that reinsurance markets have ramped up in response to the losses of the past five years from floods, storms and catastrophic wildfires, and that reinsurers are also dealing with additional global pressures from the COVID pandemic and the war in Ukraine.

“In our discussions with reinsurers, it has become clear that all of these factors have affected their appetite to provide property insurance in the event of natural disasters,” Mitchell said.

The EQC model is unique in the world, and even in those challenging circumstances, it is still well supported by global insurers.

“Despite living in a country with a variety of natural hazards, we are truly proud that our investments in world-class research and modeling give reinsurers confidence in the risks they believe in and what we do as a country to understand and manage our risks.

“Attracting this support is certainly a case of New Zealand striking its weight on the world stage. This financial support is one of the main benefits that the EQC scheme offers to New Zealand homeowners – it ensures that home insurance against natural hazards is accessible and affordable despite the risks we live with. in New Zealand.”

Mitchell further explained that while the EQC ceiling increased from $150,000 to $300,000 on October 1, 2022, that doesn’t mean his reinsurance program has doubled as well.

“The vast majority of projected EQC claims are within the original cap, so any increase would support the expected small number of homes with more than $150,000 in damage.”

Mitchell said the EQC “will continue to look for opportunities to grow the reinsurance program,” as long as this represents good value for homeowners.

Insurance-linked securities (ILS) funds are expected to provide a small share of the reinsurance program on an initial basis, as they have done in recent years.

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