MIL OSI – Source: Earthquake Commission – EQC – Release/Statement
Headline: 2016-17 Annual Report
The Earthquake Commission released its Annual Report for 2016-17 today.
The report shows that EQC responded to a number of different events during the year while continuing to settle claims for the 2010/11 Canterbury earthquakes.
The 14 November Kaikoura earthquake was the third-largest event in its history with around 40,000 new claims being lodged. There were also claims lodged for the Te Araroa and Marlborough earthquakes and floods in Edgecumbe, Auckland/Coromandel and across Wellington during the year as well.
The events of 2016-17 have shown that there is no one size-fits-all approach to responding to a natural disaster. EQC worked in partnership with local councils and contracting companies to clear properties in Edgecumbe, and has made strong progress in settling claims for the Kaikoura earthquake through the agreement with the private insurers.
At the end of October, 65 per cent of all building claims, 92 per cent of all contents claims and 93 per cent of all land claims for the Kaikoura earthquake had been settled. In Edgecumbe, 144 properties were cleared of silt and debris, out of the 272 claims lodged at June 30 2017. This work has continued and only two properties still have to be cleared.
EQC’s work in Canterbury will continue into 2018 and there were around outstanding 3500 claims at the end of October 2017. Settling all remaining claims for the 2010/11 earthquakes remains a key priority in the coming year.
EQC paid $760 million for the total cost in settling claims for all events during the financial year, had total assets of $1.15 billion and liabilities of $1.9 billion as at 30 June 2017. The Natural Disaster Fund decreased by $581 million for the 2016/17 year although the Crown guarantee is in place to help EQC meet its financial obligations if needed.
EQC maintained strong relations with international reinsurers and paid $164 million in premiums for reinsurance and successfully renewed our cover in the 2016/17 financial year. EQC is a world leader for research and public education, investing in the Public Education programme and GeoNet.
Going into 2018, EQC remains focused in settling claims for all natural disaster events, especially the Canterbury and Kaikoura earthquakes, while building an organisation that can deliver value and service to customers in the future.
The Annual Report can be viewed and downloaded at our Annual Reports page.