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Images, Alexander Turnbull Library

A rat in a business suit representing 'insurance companies' carries a briefcase labelled 'Total replacement policies' and follows a fellow rat into a large hole 'loop holes' that leads into a collapsed building. The rat says 'Woo-hoo! Home sweet home!' Context - Problems for people whose houses were damaged in the Christchurch earthquakes. One of the options presented to residents in the red zone, ideal for people with replacement policies, was the government bought your land, and you dealt directly with your insurers about your house. However they got a shock when insurers told them they won't replace their homes, they'll only repair them, even though they're earmarked for certain demolition. Quantity: 1 digital cartoon(s).

Research papers, Victoria University of Wellington

Earthquakes are insured only with public sector involvement in high-income countries where the risk of earthquakes is perceived to be high. The proto-typical examples of this public sector involvement are the public earthquake insurance schemes in California, Japan, and New Zealand (NZ). Each of these insurance programs is structured differently, and the purpose of this paper is to examine these differences using a concrete case-study, the sequence of earthquakes that occurred in the Christchurch, New Zealand, in 2011. This event turned out to have been the most heavily insured earthquake event in history. We examine what would have been the outcome of the earthquakes had the system of insurance in NZ been different. In particular, we focus on the public earthquake insurance programs in California (the California Earthquake Authority - CEA), and in Japan (Japanese Earthquake Reinsurance - JER). Overall, the aggregate cost to the public insurer in NZ was $NZ 11.1 billion in its response to the earthquakes. If a similar-sized disaster event had occurred in Japan and California, homeowners would have received $NZ 2.5 billion and $NZ 1.4 billion from the JER and CEA, respectively. We further describe the spatial and distributive patterns of these different scenarios.

Audio, Radio New Zealand

New Zealanders are paying too much for house and contents insurance, according to a new survey. Consumer NZ's price comparison survey shows climate and natural hazard risk is being factored in, and is more expensive than ever. Quotes for a large house differed by more than $3,000 across Auckland, Hamilton, Wellington, Christchurch, and Dunedin, and there's a more than $2,000 difference between the cheapest and most expensive policies on offer for a standard-sized house. If you live somewhere with a higher chance of earthquakes - such as Wellington or Christchurch - you'll be charged more for insurance. The cost of house and contents insurance has risen by 5.6% this year, over the past ten years it's gone up 150%. Kathryn is joined by Consumer NZ's Gemma Rasmussen and Katrina Shanks Chief Executive of Financial Advice New Zealand, which represents independent and professional financial advisors.

Videos, UC QuakeStudies

A video of an interview with Sarah O'Brien about the official information requests that she is filing with EQC. O'Brien talks about the substandard living conditions that Cantabrians are having to deal with while they wait for EQC to respond to them.

Videos, UC QuakeStudies

A video of an interview with Kristal and Justin Thompson, about their house on Carrick Street which was damaged by the floods. Justin talks about how the 2010 and 2011 earthquakes has caused their land to drop. Kristal also talks about their insurance scheme.

Research papers, University of Canterbury Library

The Canterbury earthquakes caused huge amounts of damage to Christchurch and the surrounding area and presented a very challenging situation for both insurers and claimants. While tourism has suffered significant losses as a result, particularly due to the subsequent decrease in visitor numbers, the Canterbury region was very fortunate to have high levels of insurance coverage. This report, based on data gathered from tourism operators on the ground in Canterbury, looks at how this sector has been affected by the quakes, claims patterns, and the behaviour and perceptions of tourism operators about insurance.

Audio, Radio New Zealand

Those displaced or affected by the Auckland floods and Cyclone Gabrielle can get help with insurance claims through a new service from today. The Government has launched the New Zealand Claims Resolution Service for homeowners to resolve issues and settle claims.  The service is modelled on two that were used during the Canterbury earthquakes.  Minister of Commerce and Consumer Affairs Duncan Webb spoke to Guyon Espiner.

Research papers, Victoria University of Wellington

The Canterbury earthquake sequence (2010-2011) was the most devastating catastrophe in New Zealand‘s modern history. Fortunately, in 2011 New Zealand had a high insurance penetration ratio, with more than 95% of residences being insured for these earthquakes. This dissertation sheds light on the functions of disaster insurance schemes and their role in economic recovery post-earthquakes.  The first chapter describes the demand and supply for earthquake insurance and provides insights about different public-private partnership earthquake insurance schemes around the world.  In the second chapter, we concentrate on three public earthquake insurance schemes in California, Japan, and New Zealand. The chapter examines what would have been the outcome had the system of insurance in Christchurch been different in the aftermath of the Canterbury earthquake sequence (CES). We focus on the California Earthquake Authority insurance program, and the Japanese Earthquake Reinsurance scheme. Overall, the aggregate cost of the earthquake to the New Zealand public insurer (the Earthquake Commission) was USD 6.2 billion. If a similar-sized disaster event had occurred in Japan and California, homeowners would have received only around USD 1.6 billion and USD 0.7 billion from the Japanese and Californian schemes, respectively. We further describe the spatial and distributive aspects of these scenarios and discuss some of the policy questions that emerge from this comparison.  The third chapter measures the longer-term effect of the CES on the local economy, using night-time light intensity measured from space, and focus on the role of insurance payments for damaged residential property during the local recovery process. Uniquely for this event, more than 95% of residential housing units were covered by insurance and almost all incurred some damage. However, insurance payments were staggered over 5 years, enabling us to identify their local impact. We find that night-time luminosity can capture the process of recovery; and that insurance payments contributed significantly to the process of local economic recovery after the earthquake. Yet, delayed payments were less affective in assisting recovery and cash settlement of claims were more effective than insurance-managed repairs.  After the Christchurch earthquakes, the government declared about 8000 houses as Red Zoned, prohibiting further developments in these properties, and offering the owners to buy them out. The government provided two options for owners: the first was full payment for both land and dwelling at the 2007 property evaluation, the second was payment for land, and the rest to be paid by the owner‘s insurance. Most people chose the second option. Using data from LINZ combined with data from Stats NZ, the fourth chapter empirically investigates what led people to choose this second option, and how peer effect influenced the homeowners‘ choices.  Due to climate change, public disclosure of coastal hazard information through maps and property reports have been used more frequently by local government. This is expected to raise awareness about disaster risks in local community and help potential property owners to make informed locational decision. However, media outlets and business sector argue that public hazard disclosure will cause a negative effect on property value. Despite this opposition, some district councils in New Zealand have attempted to implement improved disclosure. Kapiti Coast district in the Wellington region serves as a case study for this research. In the fifth chapter, we utilize the residential property sale data and coastal hazard maps from the local district council. This study employs a difference-in-difference hedonic property price approach to examine the effect of hazard disclosure on coastal property values. We also apply spatial hedonic regression methods, controlling for coastal amenities, as our robustness check. Our findings suggest that hazard designation has a statistically and economically insignificant impact on property values. Overall, the risk perception about coastal hazards should be more emphasized in communities.