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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.

Audio, Radio New Zealand

Topics - ready with the pumps at last this time, but thankfully not as much rain - so far - as feared for people in the low-lying Flockton Basin in Christchurch. Labour's proposing a special court be set up just to deal with earthquake insurance claims, as part of a policy around the Christchurch rebuild. The policy would see an Earthquake Court established to try to speed up the settling of 9,755 outstanding "over cap" insurance claims. John Banks will be gone by Friday from Parliament, at the behest of the ACT party with a gentle nudge from the Nats as well. The PM thinks it's a joke that the Civilian political party, run by Ben Uffindell and named after his satirical webite, will receive $33,000 of taxpayer funding for the coming election.

Audio, Radio New Zealand

A Christchurch homeowner in a five year battle with the Earthquake Commission over the damaged house she unwittingly bought says a critical new report about EQC tells her nothing new. The 27 page review by Independent Ministerial Advisor Christine Stevenson looks at how to resolve the 3,600 claims that still haven't been settled after the 2010 and 2011 quakes. The recommendations include getting the Commission to hire more staff and to stop forcing people to use the Official Information Act to get their files. It also suggests giving EQC more power to settle the on-sold claims where people bought houses under the impression all damage had been identified and fixed. Georgina Hannafin has a home that needs $260,000 worth of repairs but EQC has offered her just $48,000.

Audio, Radio New Zealand

A member of the Iwi Chairs Forum says right now iwi and hapu with interests in water that is used by Mighty River Power should talk directly with the government; A constitutional Advisory Panel member, Professor Ranginui Walker, says many Maori are worried the Treaty of Waitangi could one day be forgotten; A former Christchurch woman says she's still overwhelmed by the aroha and support shown, not only by Maori organisations, but also the general public, since the first earthquake hit Canterbury two years ago today; An Auckland hapu which has recently settled its Treaty of Waitangi claim with the Crown is planning to create new educational opportunities for young Maori; An Auckland hapu which has recently settled its Treaty of Waitangi claim with the Crown is planning to create new educational opportunities for young Maori.

Videos, UC QuakeStudies

A video of opera singer Placido Domingo meeting the NZSO National Youth Orchestra at the CBS Arena. Domingo talks about his experiences in the 1985 Mexico City earthquake, which claimed the lives of four of his relatives.

Audio, Radio New Zealand

Plumbers say EQC paying bills too slowly, Earthquake Commission defends its claim process, Events centre, not stimulus package, for West Coast, Harawira calls meeting to consider forming new party, Government, Auckland council split over development, Search work in Christchurch central city nears completion, Power in South Christchurch threatened by cut cable.

Audio, Radio New Zealand

The coroner has ruled the search and rescue effort at Christchurch's CTV building did not contribute to the deaths of eight people who survived the initial collapse. However Gordon Matenga criticised nearly every aspect of the fire service's response to the tragedy that claimed 115 of the 185 lives lost in the February 2011 earthquake.

Research papers, Victoria University of Wellington

We measure the longer-term effect of a major earthquake on the local economy, using night-time light intensity measured from space, and investigate whether insurance claim payments for damaged residential property affected the local recovery process. We focus on the destructive Christchurch earthquake of 2011 as our case study. In this event more than 95% of residential housing units were covered by insurance, but 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 describe the recovery’s determinants. We also find that insurance payments contributed significantly to the process of economic recovery after the earthquake, but delayed payments were less affective and cash settlement of claims were more affective in contributing to local recovery than insurance-managed rebuilding.

Videos, UC QuakeStudies

A video of an interview with a family who are living in a shed. The family lost their rental property after the owners' other property was damaged by the 22 February 2011 earthquake. The family are one of many living in sheds, garages, and tents despite the government's claim that there is no housing crisis in Christchurch.