Early cyclone estimate lifts EQC costs by more than $300m

The government is still counting the cost of the cyclone. (Image: Getty)

Tue, 04 Apr 2023

The government’s latest accounts show early estimates of the recovery costs from this year’s cyclone and flooding have already added about $160 million to the Earthquake Commission’s insurance provisions and about $150m to the agency’s insurance expenses. The crown’s accounts for the eight months ended Feb 28 show EQC’s insurance expenses in the period were $359m, up from $235m a year earlier, and almost $150m more than forecast, having tracked $20m below forecast in the prior month. On top of that,...

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