Toka Tū Ake EQC Annual Report 2021-2022

The 2021-2022 financial year was the start of a new  chapter for our organisation. We implemented a new public-private claims model for homeowners, saw legislation
introduced to Parliament to modernise the scheme, and adopted our new name - Toka Tū Ake EQC.

This past year marks the first 12 months of a new claims model we have established in partnership with eight private insurers to streamline homeowners’ insurance claim experiences. In its first year 2,291 claims were managed through this new model, with 1,645 being fully resolved by 30 June 2022. Notably, as a result of several severe weather events, there was an increase in landslip, flood and storm claims compared to the previous year.

Natural hazard research and event scenario planning underpins our preparedness activities for future events. We share our information widely and in 2021-2022 made a significant shift in translating the science we fund into formats decision-makers can use.

Toka Tū Ake EQC’s new chapter is guided by the findings of the Public Inquiry into the Earthquake Commission. We have substantively implemented the majority of the Inquiry recommendations that we lead, with our new claims model addressing nearly half of these. The Inquiry recommended we establish a community advisory group. The 2021-2022 year was the first full year our National Reference Group provided this input into our work.

The scheme’s financial sustainability is key to being able to pay for claims when they arise. During 2021-2022 the balance of the Natural Disaster Fund remained steady at around $250 million, and we expect it will grow over the next few years.

 

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