, New Zealand

New Zealand's EQC secures high reinsurance cover for homeowners

The 12.5% jump in cover shows good value amidst a challenging market, it said.

New Zealand’s Earthquake Commission (EQC) has secured a record-high reinsurance cover of nearly $5b (NZ$7b) on the international reinsurance market for FY2021/2022, an announcement read.

The 12.5% increase in cover for an 11% jump in total premiums represents good value for the country amidst the current reinsurance market and supports ongoing access to affordable home insurance, said EQC chief executive Sid Miller.

“It is also pleasing to see that around two-thirds of this cover is provided by the same reinsurers who covered the damage from the Canterbury earthquakes, so again, it shows the reinsurers continue to trust our ability to manage the impact of natural hazards in New Zealand,” Miller added.

EQC invests over $12.2m (NZ$17m) each year into natural hazard research and modelling, as well as mitigation strategies such as engineering solutions, he noted.

The research will help loss modelling that ECQ shares with reinsurers to provide a New Zealand-specific view of the hazard risks that the scheme covers.

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Get Insurance Asia in your inbox
The training market is adjusting through rehashing their portfolios.
Premium growth was driven by the low base effect plus growth in the health segment.
Training programmes are being offered especially on entry-level skills.
This is to ensure that troubled financial institutions won't end up needing costly bailouts.
The academy helps financial professionals accelerate their careers.
It is expected to post a 3-4.5% marginaL ROE due to investment income.
Hong Kong citizens who have received at least one vaccine dose can join.
Pandemic-induced mortality losses will remain small.
It will require project owners and operators to compensate environmental damages.
Long-term insurance revenue premiums declined 5.2%.
The 12.5% jump in cover shows good value amidst a challenging market, it said.
Singapore's GIC led the funding, investing $182m (INR6b).
The upper illustration rate will be capped at 4.25% p.a. and the lower rate at 3% p.a.
Only Dai-ichi Life posted higher core profit.
Ten insurers have invested in 47 community care projects.