Funding and withholding of earthquake insurance claims in Canterbury

Friday February 26, 2021 10:34 AM Press Release: Reserve Bank

The 2010-11 Canterbury earthquakes are by far the costliest insurance event in New Zealand history with estimated property insurance claims costing nearly $ 38 billion, and it remains one of the most important events globally.

The Canterbury Earthquake Insurance Claims Analytics and Reservations Note provides a late review of funding and filing of Canterbury earthquake claims after 10 years.

There are valuable lessons for insurance companies and the Reserve Bank (as an insurance regulator) that can be learned from an important event such as the Canterbury earthquakes, to deal with future catastrophic events.

The Analytical Note explores the financing of property insurance claims costs and the evolution over time of the insurance company’s estimates of claims cost.

Read the analytical note here

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