Insurers may still face nasty surprises in Canterbury quake bill, RBNZ says

Tue, 12 May 2015

By Paul McBeth May 13 (BusinessDesk) - Insurers may face unexpectedly bigger costs over the Canterbury earthquake after several firms recently increased their estimates for the final bill, according to the Reserve Bank. The central bank now estimates the cost of the 2010 and 2011 quakes that devastated New Zealand’s second-biggest city will be between $33 billion and $38 billion, and says “there remains a risk of negative surprises to individual insurers.” As at March 31, insurers had paid out $24 billion in earthquake claims, and incr...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

On the Money

On The Money: Anna Breman. Adrian Orr, and more

A moody week worthy of a Scandi-noir thriller involving plenty of bankers.

Dileepa Fonseka 27 Sep 2025

Opinion

Simon Robertson: Investing: What Wall St is banking on

Investors eye an upbeat finish as big tech and AI drive market growth.

Simon Robertson 27 Sep 2025

Technology

Trump saved TikTok – and wrecked the rule of law

TikTok users will be happy, but this is another blow to the rule of law.

The Washington Post 27 Sep 2025

Trump saved TikTok – and wrecked the rule of law

Sponsored

AI agents: opportunity or graveyard? Spark’s five-point playbook for success

Artificial intelligence agents – autonomous digital entities that analyse data, automate decisions, and act independently – are set to drive a new wave of business transformation.

Spark Enterprise

Sponsored

Future leaders start by Dreaming Big

How OnBeingBold empowers Year 13 girls at free leadership events.

OnBeingBold