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.
Radio New Zealand Economics Correspondent reports from outside AMI Stadium.
A video of a presentation by Michelle Daly of GNS Science on the "Economics of Infrastructure Resilience EoRI project". The presentation was delivered at the learning forum on Interdependencies of Lifeline Systems as part of the University of Canterbury's Lifeline Week.
We aim to investigate the role of insurance in business recovery following the devastating Christchurch earthquake in February, 22nd, 2011. We analyze data from two business surveys conducted after the earthquake to examine how insurance affected business operation in the aftermath of the earthquake both in the short-term and longer-term. For the short-term analysis, we use a combination of propensity score matching (PSM) and linear probability model (LPM) to analyze the data. We first estimate the propensity scores for insurance take-up of each firm conditional on the firm’s individual characteristics. Stratification based on the estimated propensity scores is used to match the treated (insured) and the control (uninsured) firms. We then estimate the probability of firms’ continuing operations with a set of control variables to account for the level of damage and disruption caused by the quake in each stratum. We find little evidence of any beneficial effect of insurance coverage on business continuity in the short-run. For the longer-term analysis, we analyze the available survey data using logistic regression. The result suggests that business interruption insurance significantly promotes increased level of long-term productivity for surviving firms following the earthquake.
This report examines and compares case studies of labour market policy responses in APEC economies to natural disasters. It first reviews the policies and practice within APEC economies and internationally in managing the labour market effects of natural disasters. By using comparative case studies, the report then compares recent disaster events in the Asia-Pacific region, including: - the June 2013 Southern Alberta floods in Canada; - the 2010 and 2011 Queensland floods in Australia; - the 2010 and 2011 Canterbury earthquakes in New Zealand; - the 2011 Great East Japan Earthquake and Tsunami in Japan; and - the 2008 Wenchuan earthquake in China.
A year and a half after the February Earthquake, economics has ensured much of the waste material coming out of Christchurch's central city has been recycled.
On 22 February 2011, Canterbury and its largest city Christchurch experienced its second major earthquake within six months. The region is facing major economic and organisational challenges in the aftermath of these events. Approximately 25% of all buildings in the Christchurch CBD have been “red tagged” or deemed unsafe to enter. The New Zealand Treasury estimates that the combined cost of the February earthquake and the September earthquake is approximately NZ$15 billion[2]. This paper examines the national and regional economic climate prior to the event, discusses the immediate economic implications of this event, and the challenges and opportunities faced by organisations affected by this event. In order to facilitate recovery of the Christchurch area, organisations must adjust to a new norm; finding ways not only to continue functioning, but to grow in the months and years following these earthquakes. Some organisations relocated within days to areas that have been less affected by the earthquakes. Others are taking advantage of government subsidised aid packages to help retain their employees until they can make long-term decisions about the future of their organisation. This paper is framed as a “report from the field” in order to provide insight into the early recovery scenario as it applies to organisations affected by the February 2011 earthquake. It is intended both to inform and facilitate discussion about how organisations can and should pursue recovery in Canterbury, and how organisations can become more resilient in the face of the next crisis.
The School of Social Work makes spaces for more computer work spaces, and also the Business and Economics college office.
The School of Social Work makes spaces for more computer work spaces, and also the Business and Economics college office.
A professor studying the economics of disasters says Christchurch will struggle to ever fully recover from the earthquakes that have devastated the city.
Seen through the cordon fence, a wine bottle still sits on a table in the emptied-out Scorpio Books.
The view from upstairs in a cafe in the newly re-opened New Regent Street.
Weeds and broken glass in front of a cordoned-off restaurant.
Crowds outside Ballantynes at the opening of the Re:Start mall. The Grand Chancellor is visible in the background.
Food cabinets in Man's Bakery and Cafe on Hereford Street. Food abandoned on 22 February 2011 can still be seen inside. The photographer comments, "It's a bit scary how fresh those biscuits still look - says something about the amount of preservatives we put in our food".
Crowds at the opening of the Re:Start mall.
Crowds outside Ballantynes at the opening of the Re:Start mall.
Road cones on Stanmore Road in front of Richmond Seafoods.
Piko Wholefoods' new premises.
A cyclist walks through the Re:Start mall.
Broken bottles and packages fallen on the floor of Piko Wholefoods.
Ceiling damage inside the Starbucks in Cashel Mall.
A digger demolishing the Piko Wholefoods building.
People walk past a damaged building on the corner of Edgeware Road and Barbadoes Street. Parts of the brick facade have collapsed, and the building is cordoned off with road cones and police tape.
Damage to the Hardie and Thomson timber storehouse on Sherborne Street. The sides of the wooden building have bowed outwards, and planks have come loose.
A woman standing in a doorway which is all that remains of a demolished building.
A digger demolishing the Piko Wholefoods building.
A sign advertising Riccarton House Bistro, hung on the security fence surrounding Riccarton House. The house has been closed for restoration.
The newly re-opened Ibis Hotel on Hereford Street.
Road cones reflected in the dusty windows of Hanafin's Pharmacy on High Street.