Earthquake Facts

Some interesting facts from the latest cost update on the

  • Number of houses estimated to have more than $100,000 of damage increased from 12,000 to 30,000
  • Damage to land increased from $300m – $600m to $1.8b
  • Total cost of earthquake now estimated to be $15b, or 8% of GDP
  • This makes it the largest natural disaster to hit a developed country (in terms of cost proportional to the economy) in recent memory
  • Government share of earthquake costs estimated to be $12.9b, including EQC
  • The number of claims has been 388,000. The previous highest total was 6,224 for Gisborne in 2007
  • Regardless of the size of the economy, the earthquakes are the 4th most costly event for insurers since 1970 – beaten only by the Northridge earthquake in California in 1994 and earthquakes in Japan in 1995 and 2011

 

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