EQC Annual Report 2017-2018

The Earthquake Commission (EQC) continues to work towards its Mission “to reduce the impact on people and property when natural disasters occur”. 

While our primary focus has been on addressing outstanding claims from the 2010–11 Canterbury earthquake sequence and the Kaikōura earthquake, we had a number of much smaller events this year. Damage
and claims arose from the Kaiaua and Thames storm and ex-cyclones Gita and Fehi as well as other small events. Settlement of these smaller events is progressing well, with the time taken to settle claims reducing.

During 2017–18, EQC was able to provide New Zealand with additional reinsurance protection against the impact of a significant event by securing $5.55 billion of reinsurance capacity placed for the 2018–19 year, up from $4.83 billion purchased in 2017 for the 2017–18 year. The ability to grow EQC’s reinsurance programme was a clear signal of the ongoing confidence the global reinsurance market has in the EQC scheme and their support remains crucial in mitigating against the impact of future events.

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