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Funding and reserving Canterbury earthquake insurance claims

Robert Cole

The 2010-11 Canterbury earthquakes are by far the most costly insurance event in New Zealand’s history with estimated property insurance claims costs of around $38 billion, and remain one of the most significant globally. The Funding and reserving Canterbury earthquake insurance claims Analytical Note provides a hindsight review of the funding and reserving of Canterbury earthquake claims after 10 years. There are valuable lessons for insurers and the Reserve Bank (as insurance regulator) to be drawn from a significant event such as the Canterbury earthquakes, for dealing with future catastrophic events. The Analytical Note explores the funding of property insurance claims costs and the development over time of insurer estimates of the cost of claims.