New Zealand Earthquake Authority secures $7 billion cover, pays tribute to Aon

The Earthquake Commission (EQC), the state-backed body in New Zealand that provides insurance to homeowners, has secured record-high reinsurance coverage of nearly $7 billion in the international reinsurance market for the 2021/22 fiscal year.

EQC said it achieved a 12.5 percent increase in cover versus an 11 percent increase in gross premiums, which it described as a good value in light of the current challenging reinsurance market.

The company’s CEO said that negotiations, conducted almost this year due to travel restrictions, demonstrated the confidence of international reinsurers in the EQC scheme, loss modeling and the research that supports it.

He also praised Aoun’s work and noted that two-thirds of the cover is provided by the same reinsurance companies that covered the damage caused by the Canterbury earthquakes.

EQC invests more than $17 million annually in natural hazard research and modeling, as well as mitigation strategies such as better engineering solutions.

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

“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 video calls late at night, so getting such a good result is It speaks volumes a lot to the reputation that EQC has gained over many years and the outstanding support provided by our reinsurance broker, Aon.

“We are also pleased to see that about two-thirds of this cover is being provided by the same reinsurers that covered the damage caused by the Canterbury earthquakes, so once again, it shows that reinsurers still have confidence in our ability to manage the impact of New Zealand’s natural hazards. We thank them for their continuous support.

“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.”

The EQC Research and Resilience Program supports geoscientists, seismologists, volcanologists, engineers, statisticians, risk planners, and other experts at universities and agencies across the country.

“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 added.

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Earthquake Commission, 2021 results, Insurance, Reinsurance, Homeowners, Mr. Miller, New Zealand

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