456 (2024). Hon Dr Duncan Webb to the Associate Minister of Finance

456 (2024). Hon Dr Duncan Webb to the Associate Minister of Finance: What are the "expected costs of Natural Hazard events" referred to on p 13 of the Briefing to the Incoming Minister?

Hon David Seymour: I am advised that the expected costs of Natural Hazard events include settlement amounts paid to insured persons, fees paid to experts such as assessors and engineers, fees paid to private insurers to manage EQCover claims on the Commission's behalf, and internal staff costs incurred in supporting the resolutions of claims. Due to the catastrophic nature of the natural hazards covered by the scheme, the costs can vary considerably in any year. At a minimum the Earthquake Commission usually pays out around $50 million in claims and associated costs each year, but this can extend to hundreds of millions or billions following a major event.