Reinsurance News
New Zealand Earthquake Commission
New Zealand’s NHC secures $10.3bn of reinsurance protection at June 1
5th June 2025
Natural Hazards Commission Toka Tū Ake (NHC) has secured $10.3 billion of reinsurance protection for New Zealand at 1 June 2025 to help protect homeowners from the impact of natural hazards. The $10.3 billion figure marks an increase of $1.15 billion from June 2024's total reinsurance cover. It also includes $225 ... Read the full article
Toka Tū Ake EQC renews record reinsurance program of $9.2bn
5th June 2024
EQC Toka Tū Ake, or New Zealand’s Earthquake Commission (EQC) in a record move has secured a whopping reinsurance tower of $9.2 billion from 1st June 2024 to protect homeowners from the impact of natural hazards, helping to ensure home insurance remains affordable in the country. The renewal includes $225 million ... Read the full article
New Zealand home insurance doubles EQCover amid rising hazards
16th November 2023
In a significant move to bolster home insurance against natural disasters, New Zealand's Earthquake Commission (EQC) has successfully implemented a law change doubling EQCover for homes in 2022. The amendment saw the EQC building cover surge from $150,000 to $300,000 (+ GST), providing homeowners with enhanced protection against damage from named ... Read the full article
Toka Tū Ake EQC renews record reinsurance program, gets first cat bond
31st May 2023
New Zealand’s state-owned residential property disaster insurance entity, Toka Tū Ake EQC, has completed a renewal for a record level of reinsurance of just under $8.2 billion for New Zealand homeowners, including reinsurance via catastrophe bonds, which it has secured for the first time. Toka Tū Ake EQC Chief Executive, Tina ... Read the full article
NZ EQC does not expect reinsurance to be triggered on floods and cyclone
20th February 2023
Chris Chainey, Chief Financial Officer of Toka Tū Ake EQC, has said that he does not expect the recent flooding and cyclone events that impacted New Zealand to trigger its reinsurance protection. Speaking to our ILS-focused sister publication, Artemis, Chainey acknowledged that the devastating events would be “significant” for the insurance ... Read the full article
New Zealand’s Earthquake Commission secures $7.2bn of reinsurance
10th June 2022
New Zealand’s Earthquake Commission (EQC) has secured a record level of reinsurance of $7.2bn on the international market, an increase of nearly $470m. Building on the successful renewal of the previous year, it means that EQC has grown its programme by $1.2bn over the past two years to support New Zealand ... Read the full article
New earthquake bill to be introduced in New Zealand
21st March 2022
The government of New Zealand has introduced a bill to make the claims process following a natural disaster easier. The Natural Hazards Insurance Bill will reportedly make the the rules for mixed and multi-use buildings clearer, clarify regulations relating to repairing buildings and land following a landslip or other land damage, ... Read the full article
New Zealand’s Earthquake Commission to use new loss modelling platform
27th January 2022
New Zealand's Earthquake Commission (EQC) expects its new loss modelling capability will boost its ability to plan for future natural disasters and respond to them when they occur. Along with two of the country's other research institutions, EQC is now using GNS Science and NIWA’s risk tool to model damage and ... Read the full article
New Zealand doubles EQC payout cap to $300k
6th October 2021
The Government of New Zealand has announced that it plans to double the pay out cap for residential buildings covered by the New Zealand Earthquake Commission (EQC) from NZ $150,000 to $300,000. According to David Clark, the Minister Responsible for the Earthquake Commission, the higher cap will help to keep private ... Read the full article
New Zealand’s EQC says hazard data key to reinsurance confidence
18th June 2021
New Zealand’s Earthquake Commission (EQC) has said that ongoing investment in natural hazard science, including the geological hazard monitoring service GeoNet, is key to maintaining the confidence of international reinsurance markets in providing coverage for the country. Fraser Gardiner, Chief Financial Officer at the EQC, noted that the GeoNet platform not ... Read the full article
NZ Earthquake Commission renews $6.2bn reinsurance programme
18th June 2020
New Zealand's Earthquake Commission (EQC) has announced the successful renewal of its NZ$6.2 billion reinsurance programme for 2020-2021. The reinsurance will cover disaster events such as earthquakes, tsunamis and volcanic eruptions. This year's programme is a renewal of the upsized 2019-2020 reinsurance programme. EQC's Chief Executive Officer (CEO), Sid Miller, said: "International ... Read the full article
New Zealand’s Earthquake Commission increases reinsurance cover to $6.2bn
4th June 2019
The Earthquake Commission (EQC) of New Zealand has increased its reinsurance coverage at the June 1 renewals, securing NZ $6.2 billion (US $4.1 billion) of protection for the next 12 months, according to reports from Stuff. The reinsurance will cover disaster events such as earthquakes, tsunamis and volcanic eruptions. Last year, the ... Read the full article
NZ public insurer EQC shakes up coverage
15th February 2019
Significant changes to the law designed to enhance the level of protection provided by New Zealand’s Earthquake Commission (EQC) will see the cap for residential building cover raised from NZ$100,000 (US$68,300) to NZ$150,000 (US$102,409). Lawmakers also removed the NZ$20,000 (US$13,654) EQC cover for contents, a move that Megan Woods (the minister ... Read the full article
NZ Earthquake Commission confirms leadership restructure
24th August 2018
The Chief Executive Officer (CEO) of the New Zealand Earthquake Commission (EQC), Sid Miller, has confirmed the new structure of the organisations executive leadership team, which includes the appointment of two new Deputy CEOs. The changes were announced the EQC staff on August 8th, 2018 and have now been confirmed by ... Read the full article
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