An Insurance Business Magazine article.
The New Zealand government has doubled the amount of insurance risk taken on by the Earthquake Commission (EQC) from earthquakes and other natural disasters.
David Clark, minister responsible for EQC, announced that EQC will cover the first $300,000 of damage caused by earthquakes, tsunamis, volcanic eruptions, hydrothermal activity and natural landslips, beginning October 01, 2022. The previous limit was $150,000. Private insurers will cover damage above the EQC cap.