461 (2024). Hon Dr Duncan Webb to the Minister of Finance

461 (2024). Hon Dr Duncan Webb to the Minister of Finance: When does the Minister expect that the work of Southern Response will be complete?

Hon Nicola Willis: New claims continue to originate from EQC re-openings once it has been assessed that the cost of rectifying the earthquake damage exceeds the EQC cap ($100k plus GST). Over the last few years, the rate of new claims that the Company has become liable for has reduced and actuarial forecasts currently predict that this trend should continue. However, whilst EQC continues to re-open claims, the Company expects a proportion of these to go overcap and that this will continue until at least, and likely beyond, 2029. The Company is also responsible for the delivery of the Crown package for affected customers who cash settled with Southern Response prior to 1 October 2014 (the ‘Package’). The Company has made strong progress in delivering the Package and forecasts the majority of it to have been completed by the end of the 2025 financial year. The Company continues to right-size its operations to meet the needs of the business in the short-term. However, the Company has regular dialogue and engagement with the Crown to assess its operational end-of-life options to ensure that the Company’s liabilities are discharged in the most efficient and effective manner.