558 (2024). Hon Dr Duncan Webb to the Associate Minister of Finance

558 (2024). Hon Dr Duncan Webb to the Associate Minister of Finance: What is the total amount of funds that Toka Tū Ake EQC could pay out in claims at the present time (including any provision through reinsurance, catastrophe bonds, or other arrangements) before calling on the Crown guarantee?

Hon David Seymour: I have been advised that the Earthquake Commission (the Commission) currently has $357 million in the Natural Disaster Fund (NDF) as at 31 December 2023. In order to access any of the $8.2 billion of funding from reinsurance and catastrophe bond contracts, the Commission must suffer a loss of $2 billion (the deductible). Currently, the Crown guarantee would be called on to fund the difference between the deductible and funding available in the NDF.