From Yahoo Finance: 2025-06-09 05:36:00

The Natural Hazards Commission Toka Tū Ake (NHC) of New Zealand has raised reinsurance coverage to NZ$10.3bn, increasing by NZ$1.15bn from last year, including NZ$225m from a catastrophe bond. Reinsurers contributed NZ$5bn after the Canterbury earthquakes. NHC CEO Tina Mitchell highlighted the importance of reinsurance for financial resilience against natural disasters.

Legislative changes in 2023 renamed the Earthquake Commission (EQC) to the NHC, expanding its scope beyond earthquakes. The Natural Hazards Insurance Act 2023 came into force on July 1, 2024, replacing the Earthquake Commission Act 1993. The NHC now provides insurance and expertise for a broader range of natural hazards.

EQCover is now NHCover, and the Natural Disaster Fund is the Natural Hazard Fund, reflecting the NHC’s expanded focus. The changes align with a modernised framework for natural hazard insurance that considers past earthquake experiences and the 2020 Public Inquiry into the Earthquake Commission.



Read more at Yahoo Finance: NZ Natural Hazards Commission raises reinsurance cover to $6.2bn