2010/2011 Canterbury and 2016 Kaikoura Earthquake Reinsurance

Overseas reinsurance claims from the Canterbury and Kaikōura earthquakes Canterbury earthquakes Total international reinsurance claims from all Canterbury earthquakes are estimated at $21.1 billion. At 31 December 2017, a total of $20.1 billion of these claims had been settled with overseas reinsurers, leaving $1.0 billion of claims outstanding. These outstanding insurance claims are included as assets in New Zealand's international investment position. See the table below for details. Updated reinsurance claim estimate - Canterbury earthquakes Quarter Total Reinsurance Claims Settlements Total Outstanding Claims NZ$(million) NZ$(million) NZ$(million) Sep-10 6,510 0 6,510 Dec-10 0 0 6,510 Mar-11 13,555 59 20,006 Jun-11 1,002 483 20,525 Sep-11 0 892 19,633 Dec-11 49 1,193 18,489 Mar-12 0 1,361 17,129 Jun-12 0 1,399 15,730 Sep-12 0 1,362 14,367 Dec-12 0 1,514 12,853 Mar-13 0 1,010 11,843 Jun-13 0 1,373 10,470 Sep-13 0 1,343 9,127 Dec-13 0 1,051 8,076 Mar-14 0 1,184 6,891 Jun-14 0 535 6,356 Sep-14 0 564 5,792 Dec-14 0 626 5,166 Mar-15 0 605 4,561 Jun-15 0 311 4,250 Sep-15 0 254 3,996 Dec-15 0 371 3,626 Mar-16 0 1,044 2,581 Jun-16 0 643 1,938 Sep-16 0 191 1,747 Dec-16 0 290 1,457 Mar-17 0 107 1,350 Jun-17 0 76 1,274 Sep-17 0 63 1,211 Dec-17 0 211 1,000 Total 21,116 20,116 1,000 Kaikōura earthquakes Total international reinsurance claims from all Kaikōura earthquakes are estimated at $1.1 billion. At 31 December 2017, a total of $341 million of these claims had been settled with overseas reinsurers, leaving $725 million of claims outstanding. These outstanding insurance claims are included as assets in New Zealand's international investment position. See the table below for details. Updated reinsurance claim estimate - Kaikōura earthquakes Quarter Total Reinsurance Claims Settlements Total Outstanding Claims NZ$(million) NZ$(million) NZ$(million) Dec-16 1,065 14 1,051 Mar-17 0 18 1,034 Jun-17 0 43 991 Sep-17 0 105 886 Dec-17 0 161 725 Total 1,065 341 725 The next revision to earthquake reinsurance claims will take place in our next regular revision release, which will be the Balance of Payments and International Investment Position: June 2018 quarter release in September 2018 en-NZ