New Zealanders can have confidence in EQC

Published: Tue 30 Aug 2011 10:10 AM
New Zealanders can have confidence in EQC
Canterbury Earthquake Recovery Minister Gerry Brownlee says Cantabrians affected by the past year's seismic events and all other New Zealanders should have no concerns about their Earthquake Commission (EQC) claims being settled in full.
His assurance follows today's announcement that the EQC has revised its estimated Canterbury earthquakes liability upwards by about $4 billion to $7.1 billion.
"EQC's fund is government guaranteed to protect claimants' interests," Mr Brownlee said.
"Earlier this year EQC renewed its reinsurance, which means the country is adequately covered in the case of further major events.
"EQC contents, building and land claims in Canterbury will continue to progress at pace, as will EQC's full inspection programme - claims will continue to be paid out."
Since 4 September last year EQC has received more than 388,000 claims for all the earthquakes, one of the highest numbers ever handled by a single insurer in the world.
The previous biggest event for EQC was the Gisborne earthquake in 2007 with 6224 claims.
The Canterbury and Christchurch earthquakes are likely to rank globally as the fourth most costly for insurers since 1970 after Northridge, California, in 1994, the 9.0 earthquake and tsunami disaster in Japan in March this year, and Kobe, Japan, in 1995.
EQC is working with the Canterbury Earthquake Recovery Authority (CERA) on rebuilding greater Christchurch and its surrounds, and supporting the welfare of its residents.
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