Insurance Liability Valuation 31 December 2017

EQC commissioned Melville Jessup Weaver to carry out this report, which provides information about EQC’s insurance liabilities and reinsurance recoveries for use in the financial reports as at 31 December 2017 and the development of EQC’s Canterbury and Kaikōura earthquakes claim costs since 30 June 2017.

EQC is providing this report to the public in the interests of transparency and has considered the public interest in deciding whether to withhold any of the information contained in the report. EQC has decided it is necessary to withhold the following information under the Official Information Act 1982:

• names of certain individuals under section 9(2)(a) to protect privacy;
• information under section 9(2)(h) to maintain legal privilege;
• information under section 9(2)(j) to carry on, without prejudice or disadvantage, negotiations.

Since July 2017, EQC’s estimated ultimate costs increased by $104 million from $11.278 billion to $11.382 billion. The key driver of this change has been an increase in Kaikōura liabilities of $66m and Canterbury liabilities of $39m.

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