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Wednesday, August 31, 2011

EQC liability update

EQC have added a page to their FAQ to provide an update on their increased liabilities. The following issues are addressed:
  1. How much has EQC's liability increased?
  2. Will the increased estimate affect EQC's ability to pay its claims?
  3. Will this new estimate affect the rebuild?
  4. Why was EQC's previous estimate so much lower?
  5. What are the main factors behind the increase?
  6. What are the implications for the Crown's finances?
  7. Can you rule out the figure changing again?
  8. Who pays if the Natural Disaster Fund (NDF) is used up?
  9. Who pays if there is another event?
  10. What does this mean for the overall earthquake damage bill?
  11. What does this mean for the Government's share of the earthquake damage bill?
  12. Will the Canterbury Earthquake Recovery Fund be enough to fund the recovery?
  13. What audits/checks have been or will be done on this actuarial estimate?
  14. What is the Government doing to allay any concerns reinsurers might have about writing cover in New Zealand?
  15. What does the new estimate mean for insurance in Christchurch?
  16. What is the size of this disaster compared to other disasters?
  17. What progress has been made in the earthquake recovery process?
These questions and the answers are here.
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