Claims
The EQC paid out for claims made as a result of the 2007 Gisborne earthquake.
For the 2010 Canterbury earthquake, total EQC insurance and individual costs were expected to reach as high as NZ$4 billion according to the New Zealand Treasury. Claims from the 2010 shock were later confirmed at being between $2.75 and $3.5 billion NZD.
A second quake hit Christchurch, the February 2011 Christchurch earthquake. Prior to the 2010 quake, the EQC had a fund of NZ$5.9 billion, with NZ$4.4 billion left prior to the 2011 quake, after taking off the NZ$1.5 billion cost. The EQC does not cover commercial buildings, whose owners have to arrange cover with private insurers.
As of April 2012 the EQC has paid out NZ$3 billion in claims for both earthquakes, and expects to pay a further $9 billion, which will completely deplete their funds and may require a further NZ$1 billion from the government.
In March 2013, EQC came under fire after an employee accidentally sent a file containing details on more than 80,000 claims relating to the 2011 Christchurch earthquake to a contractor. The file was posted online in April, after EQC declined a "televised debate" on its contents.
Read more about this topic: Earthquake Commission
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