EQC Annual Report 2018-2019
For EQC, 2018-2019 has been described as an important year of reflection, as considerable information and lessons have been gathered on EQC’s response to the 2010-2011 Canterbury earthquake sequence. At the same time, work has continued to resolve the last claims from those events.
Milestones during the year included:
- The appointment of Board Chair Sir Michael Cullen, and two new Commissioners
- The implementation of all but one of the recommendations of the April 2018 report of the Independent Ministerial Advisor (the other implemented in 2019/20)
- Implementing four changes to the Earthquake Commission Act 1993, including an increase in the cap for residential building cover to $150,000 + GST; and an extension in the potential timeframe for lodging claims from 3 months to two years
- Developing a Resilience Strategy for Natural Hazard Risk Reduction, providing direction to EQC’s research programme, loss modelling, public education and work with other hazard management agencies
- Negotiating $6.2 billion in reinsurance to help protect New Zealand against the impact of a significant event in future – up from $5.5 billion the year before
- Providing constructive support to the Public Inquiry, formed in November 2018 to report on how EQC can learn from the lessons of Canterbury and improve its readiness for future events.
- Delivering a wellbeing programme for staff