International reinsurers to pay $17.6b

Last updated 12:52 19/12/2012

Relevant offers

Christchurch earthquake

Woman who pinned her $472k theft on employer on post-quake trauma loses appeal Court throws out $6.5m insurance offer for Henderson property CTV engineer inquiry 'not in public interest' Gap Filler celebrates five years of brightening Christchurch's vacant spaces Earthquake insurer Southern Response sets aside $4m for legal fees Canterbury families tell their stories of quake rebuild Holy Trinity church bells set to ring Lyttelton again Christchurch's 100-day blueprint took 67 days with only 20-odd days of design Leukaemia battle for Christchurch boy who lost his father in February 2011 quake Oamaru woman reunited with fingers 80 years after death

International reinsurers will fork out $17.6 billion for Canterbury earthquake claims, a drop from $17.9b estimated earlier.

So far international reinsurers have paid $6.5b, or more than 30 per cent, of that estimated bill.

That's their share of the $30b capital costs of rebuilding Christchurch which has been estimated by the Reserve Bank.

Some expect the bill to come closer to $40b.

At $17.6b, the international reinsurers share is only 58 per cent of the officially estimated $30b total cost.

International reinsurers still have $11.1 billion to pay.

They insure the insurance companies and the Earthquake Commission.

Today Statistics New Zealand revised the earthquakes bill for international reinsurers after more information from them.

It said the claims estimates could change again as the insurance industry provided more information.

The information was released in the latest balance of payments for the September quarter which records New Zealand transactions with the rest of the world.

After September 4's big earthquake it was estimated international reinsurers would fork out $4.66b in claims.

The February 2011 massive quake added another $11.95b to their bill, June's earthquake another $988 million, and $33m from December 23, 2011 shake.

Ad Feedback

- The Press


Special offers

Featured Promotions

Sponsored Content