Data Collection

2010/2011 Canterbury and 2016 Kaikoura Earthquake Reinsurance

Label
2010/2011 Canterbury and 2016 Kaikoura Earthquake Reinsurance en-NZ

Methodology

Methodology

Overseas reinsurance claims from the Canterbury and Kaikōura earthquakes

Canterbury earthquakes

Total international reinsurance claims from all Canterbury earthquakes are estimated at $21.1 billion.

At 31 March 2018, a total of $20.4 billion of these claims had been settled with overseas reinsurers, leaving $0.7 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 6,510 0 6,510
Dec-10 0 0 6,510
Mar-11 13,555 59 20,006
Jun-11 1,002 483 20,525
Sep-11 0 892 19,633
Dec-11 49 1,193 18,489
Mar-12 0 1,361 17,129
Jun-12 0 1,399 15,730
Sep-12 0 1,362 14,367
Dec-12 0 1,514 12,853
Mar-13 0 1,010 11,843
Jun-13 0 1,373 10,470
Sep-13 0 1,343 9,127
Dec-13 0 1,051 8,076
Mar-14 0 1,184 6,891
Jun-14 0 535 6,356
Sep-14 0 564 5,792
Dec-14 0 626 5,166
Mar-15 0 605 4,561
Jun-15 0 311 4,250
Sep-15 0 254 3,996
Dec-15 0 371 3,626
Mar-16 0 1,044 2,581
Jun-16 0 643 1,938
Sep-16 0 191 1,747
Dec-16 0 290 1,457
Mar-17 0 107 1,350
Jun-17 0 76 1,274
Sep-17 0 63 1,211
Dec-17 0 256 955
Mar-18 0 218 737
Total 21,116 20,378 737

Kaikōura earthquakes

Total international reinsurance claims from all Kaikōura earthquakes are estimated at $1.1 billion.

At 31 March 2018, a total of $428 million of these claims had been settled with overseas reinsurers, leaving $637 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 1,065 14 1,051
Mar-17 0 18 1,034
Jun-17 0 43 991
Sep-17 0 105 886
Dec-17 0 165 725
Mar-18 0 84 637
Total 1,065 428 637

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 2018 quarter release in September 2018

en-NZ

Information

History

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Revision Date Responsibility Rationale
2 30/11/2021 3:51:58 PM