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Research papers, Victoria University of Wellington

We examine the role of business interruption insurance in business recovery following the Christchurch earthquake in 2011 in the short- and medium-term. In the short-term analysis, we ask whether insurance increases the likelihood of business survival in the aftermath of a disaster. We find only weak evidence that those firms that had incurred damage, but were covered by business interruption insurance, had higher likelihood of survival post-quake compared with those firms that did not have insurance. This absence of evidence may reflect the high degree of uncertainty in the months following the 2011 earthquake and the multiplicity of severe aftershocks. For the medium-term, our results show a more explicit role for insurance in the aftermath of a disaster. Firms with business interruption insurance have a higher probability of increasing productivity and improved performance following a catastrophe. Furthermore, our results show that those organisations that receive prompt and full payments of their claims have a better recovery, in terms of profitability and a subjective ‘”better off” measure’ than those that had protracted or inadequate claim payments (less than 80% of the claim paid within 2.5 years). Interestingly, the latter group does worse than those organisations that had damage but no insurance coverage. This analysis strongly indicates the importance not only of good insurance coverage, but of an insurance system that also delivers prompt claim payments. As a first paper attempting to empirically identify a causal effect of insurance on business recovery, we also emphasize some caveats to our analysis.

Images, Alexander Turnbull Library

Shows Minister for Christchurch Earthquake Recovery Gerry Brownlee delighted with his plan to rebuild Christchurch and to have it paid for buy the PM's casino. Context: Refers to the Christchurch Central Development Unit that Minister for Christchurch Earthquake Recovery Gerry Brownlee has put in place. Refers also to the very controversial deal that Prime Minister John Key has made with Auckland's SkyCity to the effect that SkyCity will pay the full construction cost of a new convention centre - estimated at $350 million, in return for being allowed to add more gaming tables and machines, and extending its licence beyond 2021. Colour and black and white versions of this cartoon are available Quantity: 2 digital cartoon(s).

Images, Alexander Turnbull Library

The cartoon shows two images of cars nose-down in ditches, the first is caused by 'liquifaction' and the second by 'stupifaction'. Context: there was another large aftershock on Boxing Day in Christchurch which resulted in quite a lot of liquefaction. There is always concern over the Christmas holidays about drinking while driving. Other Titles - Liquefaction Quantity: 1 digital cartoon(s).

Images, Alexander Turnbull Library

Shows a man exhausted after a weekend of watching the All Blacks playing Ireland on TV. His wife understands the frustration of Christchurch residents waiting too long for repairs to properties. Context: Refers to frustrating delays in getting earthquake-related repairs done in Christchurch, this in large part due to slowness of insurance claims and permissions. Quantity: 1 digital cartoon(s).

Images, Alexander Turnbull Library

Three men chat in a pub. One of them reads a newspaper article about the Mayor of Christchurch, Bob Parker, who commented that he was scared of earthquakes when in Wellington. All three drinkers would rather be in Wellington than trapped beside Bob Parker at a dinner table. Context: Christchurch's Mayor has told the Emergency Management Conference he's scared to be in Wellington. He gave graphic descriptions of the Christchurch earthquakes, getting people to bang on the tables for 45 seconds so they could see what it felt like. Quantity: 1 digital cartoon(s).

Images, Alexander Turnbull Library

In the first of two frames which represents 'now' is a row of houses in the bay; two old-style character villas flank a modern house built to look like a boat and someone inside the modern house says proudly that they 'built here because of the character of the bays'. In the second frame which represents 'soon' all of the houses have taken on the character of the modern house and someone from the original modern house can't put their finger on why they feel that 'It's not the same somehow'. Quantity: 1 digital cartoon(s).

Images, Alexander Turnbull Library

Prime Minister John Key sits at his desk on which are two baskets; the first is labelled 'Great news' and contains a very few documents and the second which is labelled 'Disasters' is so laden that it is causing the desk to crack. Context: New Zealand seems to be beset with disasters: the earthquakes in Christchurch, the 'Rena' shipwreck and consequeny oilspill etc. Quantity: 1 digital cartoon(s).

Images, Alexander Turnbull Library

Scene set at Santa Claus' 'Online Christmas Orders Dept' at the North Pole. One elf remarks 'ANOTHER Marmite order from New Zealand'. The sole Marmite factory in New Zealand was damaged in the Christchurch Earthquake of 2011. Further aftershocks led to the shutting down of the factory until late 2012. The remaining stocks ran out, leading to panic buying at inflated prices by Marmite aficionados. Quantity: 1 digital cartoon(s).

Images, Alexander Turnbull Library

The cartoon suggests that the Kiwi character has too much of a 'She'll be right' attitude. Refers to a 1996 documentary called 'Earthquake!' which outlined the effects of a major earthquake on Christchurch's eastern suburbs and heritage buildings. The director Grant Dixon says lives could have been saved if officials had heeded the film's warnings. (Stuff: 11 March 2011) Quantity: 1 digital cartoon(s).

Images, Alexander Turnbull Library

In six small cameos Prime Minister John Key ponders over things economic and ends up dancing; he says 'I'm bereft of ideas for the economy gambling the lives of our troops in the Afghanistan mess I'm presiding over the biggest budget deficit in our history borrowing $300m a week to cushion our slide into oblivion Using lots of World Cup piffle to distract from the real issues Yet I'm still rating miles higher than Goff so how hopeless is he??? A little man in the last frame comments 'Spoiled for choice eh?' Context - New Zealand's rather dire economic situation made so much worse by the Christchurch earthquakes of 4 September 2010 and 22 February 2011, the consistently high poll rating of John Key and the series of disasters suffered by the Labour Party in the run up to the 2011 election in November. Quantity: 1 digital cartoon(s).

Images, Alexander Turnbull Library

A shaken All Blacks supporter stands under the title 'Shamrocked!!. Around him is a news report of a recent 3 point magnitude earthquake in Christchurch, and surrounding him are the familiar earthquake terms 'Very Shakey', 'faultines' 'shocks' and 'cracks appearing'. On 16 June 2012, the Irish rugby team ('The Shamrocks' ) almost beat the All Blacks in Christchurch. The All Black team performance was poor, especially after their first win a week before. Co-incidentally, another earthquake had hit Christchurch. New Zealand fans were shaken by both events. Quantity: 1 digital cartoon(s).

Images, Alexander Turnbull Library

Text reads 'Pet of the day... ' Below is a notice tacked to a wall which has an image of a cat wearing spectacles on it. Text reads 'LOST. Large moggy, last seen roaming in Christchurch. Answers to the name of "Gerry" or "Dinners ready". Has a loud purr, looks cuddly but can turn...' Context: This is a reference to Gerry Brownlee, the Minister for Earthquake Recovery. When National announced its offer based on the 2007 rating valuation to red-zone property owners on 23 June, Gerry Brownlee specifically told people who had made improvements between the time of the valuation and the September quake to 'keep their receipts'. The offer from CERA dated August 19 now says quite clearly that people can only seek an adjustment to the purchase price if the rating valuation is based on an incorrect floor area, or if 'you have received a code compliance certificate for consented building work undertaken after the rating valuation and that work increased the floor area of your house'. (Voxy - 23 August 2011) Quantity: 1 digital cartoon(s).

Images, Alexander Turnbull Library

The cartoon shows the word 'Christchurch' with 'church' crossed out and replaced with 'mess'. A second version has the word 'scary' added. A third version has the word 'church' replaced by 'mas'. A fourth version has the words 'early' and 'presence' included and 'church' is replaced by 'mess'. Context: concern about continuing trials and tribulations of Christchurch with unremitting earthquakes and aftershocks. Four versions of this cartoon are available Quantity: 4 digital cartoon(s).

Images, Alexander Turnbull Library

The cartoon shows the word 'Christchurch' fractured by earthquake. Text above reads 'The new tear(s)'. A second version has the text in the singular 'The new tear'. Context: In spite of Christchurch's great hopes for a new year without earthquakes, there have been numerous quakes and aftershocks. A wordplay on 'new year' and 'new tear' - that is weeping with fear and dismay. Two versions of this cartoon are available Quantity: 2 digital cartoon(s).

Images, Alexander Turnbull Library

In four frames a man watches the news on TV. He hears that 'Severe aftershocks continue as the demolition crew move into the red zone.. amidst the badly damaged infrastructure..' His wife offers him a cup of tea and assumes the report is about Christchurch but it is not, it is about 'Phil Goff & Labour' Context - Christchurch continues to have aftershocks following the February 22 earthquake and the Labour Party is suffering one bodyblow after another - the last being the Darren Hughes affair. This is disastrous for Labour because the 2011 election is in November. Quantity: 1 digital cartoon(s).