Data 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 30 June 2018, a total of $20.7 billion of these claims had been settled with overseas reinsurers, leaving $1.0 billion of claims outstanding. These outstanding insurance claims are included as assets in New Zealand's international investment position. See the table below for details.
Updated reinsurance claim estimate - Canterbury earthquakes | |||
---|---|---|---|
Quarter | Total Reinsurance Claims | Settlements | Total Outstanding Claims |
NZ$(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 | 1,399 | 16,383 |
Sep-12 | 0 | 1,362 | 15,020 |
Dec-12 | 0 | 1,514 | 13,506 |
Mar-13 | 0 | 1,010 | 12,496 |
Jun-13 | 0 | 1,373 | 11,123 |
Sep-13 | 0 | 1,343 | 9,780 |
Dec-13 | 0 | 1,051 | 8,729 |
Mar-14 | 0 | 1,184 | 7,544 |
Jun-14 | 0 | 535 | 7,009 |
Sep-14 | 0 | 564 | 6,445 |
Dec-14 | 0 | 626 | 5,819 |
Mar-15 | 0 | 605 | 5,214 |
Jun-15 | 0 | 329 | 4,885 |
Sep-15 | 0 | 293 | 4,592 |
Dec-15 | 0 | 406 | 4,186 |
Mar-16 | 0 | 1,070 | 3,116 |
Jun-16 | 0 | 660 | 2,456 |
Sep-16 | 0 | 207 | 2,249 |
Dec-16 | 0 | 321 | 1,928 |
Mar-17 | 0 | 216 | 1,712 |
Jun-17 | 0 | 76 | 1,636 |
Sep-17 | 0 | 70 | 1,566 |
Dec-17 | 0 | 256 | 1,310 |
Mar-18 | 0 | 219 | 1,092 |
Jun-18 | 0 | 48 | 1,044 |
Total | 21,769 | 20,725 | 1,044 |
Kaikōura earthquakes
Total international reinsurance claims from all Kaikōura earthquakes are estimated at $1.3 billion.
At 30 June 2018, a total of $500 million of these claims had been settled with overseas reinsurers, leaving $799 million of claims outstanding. These outstanding insurance claims are included as assets in New Zealand's international investment position. See the table below for details.
Updated reinsurance claim estimate - Kaikōura earthquakes | |||
---|---|---|---|
Quarter | Total Reinsurance Claims | Settlements | Total Outstanding Claims |
NZ$(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 | 61 | 799 |
Total | 1,298 | 499 | 799 |
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: September 2018 quarter release in December 2018
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