2010/2011 Canterbury and 2016 Kaikoura earthquake reinsurance
Balance of Payments December 2018
Balance of Payments and International Investment Position Statistics
Balance Of Payments and International Investment Position: December 2018
Data DictionaryData Collection
2010/2011 Canterbury and 2016 Kaikoura earthquake reinsurance
Methodology
Overseas reinsurance claims from the Canterbury and Kaikōura earthquakes
Canterbury earthquakes
Total international reinsurance claims from all Canterbury earthquakes are estimated at $21.8 billion.
At 31 December 2018, a total of $21.4 billion of these claims had been settled with overseas reinsurers, leaving $0.3 billion of claims outstanding. These outstanding insurance claims are included as assets in New Zealand's international investment position. See the table below for details.
| Updated reinsurance claim estimate - Canterbury earthquakes | |||
|---|---|---|---|
| Quarter | Total Reinsurance Claims | Settlements | Total Outstanding Claims |
| NZ$(million) | NZ$(million) | NZ$(million) | |
| Sep-10 | 6,669 | 0 | 6,669 |
| Dec-10 | 0 | 0 | 6,669 |
| Mar-11 | 14,035 | 59 | 20,645 |
| Jun-11 | 1,023 | 483 | 21,186 |
| Sep-11 | 0 | 892 | 20,294 |
| Dec-11 | 41 | 1,193 | 19,142 |
| Mar-12 | 0 | 1,361 | 17,782 |
| Jun-12 | 0 | 1399 | 16383 |
| Sep-12 | 0 | 1362 | 15020 |
| Dec-12 | 0 | 1514 | 13506 |
| Mar-13 | 0 | 1010 | 12496 |
| Jun-13 | 0 | 1373 | 11123 |
| Sep-13 | 0 | 1,343 | 9,780 |
| Dec-13 | 0 | 1051 | 8729 |
| Mar-14 | 0 | 1184 | 7544 |
| Jun-14 | 0 | 535 | 7009 |
| Sep-14 | 0 | 564 | 6445 |
| Dec-14 | 0 | 626 | 5819 |
| Mar-15 | 0 | 605 | 5214 |
| Jun-15 | 0 | 329 | 4885 |
| Sep-15 | 0 | 293 | 4592 |
| Dec-15 | 0 | 406 | 4186 |
| Mar-16 | 0 | 1070 | 3116 |
| Jun-16 | 0 | 660 | 2456 |
| Sep-16 | 0 | 207 | 2249 |
| Dec-16 | 0 | 321 | 1928 |
| Mar-17 | 0 | 216 | 1712 |
| Jun-17 | 0 | 76 | 1636 |
| Sep-17 | 0 | 70 | 1566 |
| Dec-17 | 0 | 256 | 1310 |
| Mar-18 | 0 | 219 | 1092 |
| Jun-18 | 0 | 248 | 844 |
| Sep-18 | 0 | 163 | 681 |
| Dec-18 | 0 | 348 | 332 |
| Total | 21,769 | 21,436 | 332 |
Kaikōura earthquakes
Total international reinsurance claims from all Kaikōura earthquakes are estimated at $1.3 billion.
At 31 December 2018, a total of $698 million of these claims had been settled with overseas reinsurers, leaving $600 million of claims outstanding. These outstanding insurance claims are included as assets in New Zealand's international investment position. See the table below for details.
| Updated reinsurance claim estimate - Kaikōura earthquakes | |||
|---|---|---|---|
| Quarter | Total Reinsurance Claims | Settlements | Total Outstanding Claims |
| NZ$(million) | NZ$(million) | NZ$(million) | |
| Dec-16 | 1,298 | 14 | 1,284 |
| Mar-17 | 0 | 18 | 1,267 |
| Jun-17 | 0 | 43 | 1,224 |
| Sep-17 | 0 | 105 | 1,119 |
| Dec-17 | 0 | 165 | 954 |
| Mar-18 | 0 | 94 | 860 |
| Jun-18 | 0 | 117 | 743 |
| Sep-18 | 0 | 107 | 635 |
| Dec-18 | 0 | 35 | 600 |
| Total | 1,298 | 698 | 600 |
The next revision to earthquake reinsurance claims will take place in our next regular revision release, which will be the Balance of Payments and International Investment Position: June 2019 quarter release in September 2019