Seismic shift

By Brian Easton In Economy

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24th November, 2012
In 1988, a ministerial paper proposed reforms to New Zealand’s earthquake insurance. It came 44 years after the Government had established the Earthquake and War Damage Commission that would pay out for damages from a levy. The commission kept reserves in the event of The Big One striking, but they were inadequate. The thinking at the time was a major disaster could cost $36 billion in today’s prices. In the event, the Canterbury earthquakes are expected to cost $20-30 billion. A major Wellington quake or an Auckland volcanic eruption could be considerably costlier. The commission’s ...

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