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 $21.8 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

en-NZ

Information

History

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Revision Date Responsibility Rationale
6 30/11/2021 3:51:58 PM