195 (2024). Hon Dr Duncan Webb to the Associate Minister of Finance

195 (2024). Hon Dr Duncan Webb to the Associate Minister of Finance: What financial provision, if any, has Toka Tū Ake , The Earthquake Commission made in respect of the two class action cases in respect of liability for on-sold homes and increased liquefaction vulnerability respectively?

Hon David Seymour: Toka Tū Ake, The Earthquake Commission engages independent actuaries Melville Jessop Weaver (MJW) to conduct a valuation of Toka Tū Ake’s claims liabilities as at 30 June and 31 December each year. The estimates are then included within Toka Tū Ake’s financial reporting. Work on the 31 December 2023 valuation is currently underway and not yet completed. Previous valuations have not made a specific provision for either class action. Within the financial statements published in the 2022/23 Annual report, Toka Tū Ake explains the uncertainties that exist within the valuation and discusses contingent liabilities in respect on litigation relating to the Canterbury earthquakes.