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International reinsurers to pay $17.6b

MARTA STEEMAN
Last updated 12:52 19/12/2012

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Christchurch earthquake

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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.

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- The Press

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