Regulatory Alerts2022-05-17
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Earthquake claims: Canterbury 2010-2011 and Kaikoura 2016
The New Zealand Superannuation Fund presented a June 2018 sessional meeting update on the financial status of the Canterbury and Kaikoura earthquake claims. The report details that paid claims reached $34.6 billion for Canterbury and $1.4 billion for Kaikoura, with estimated ultimate costs significantly higher at $36-39 billion and $2.5-4.5 billion respectively. It highlights that while payment rates for Kaikoura are faster than Canterbury, the latter still faces increasing costs, difficult litigation cases, and remediation issues.
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