59932 (2024). Hon Dr Duncan Webb to the Associate Minister of Finance

59932 (2024). Hon Dr Duncan Webb to the Associate Minister of Finance: On how many occasions since 1 January 2023 has the Natural Hazards Commission / EQC paid out the full amount of land cover but less than the full amount of cover for the dwelling in respect of the same property?

Hon David Seymour: I am advised that 4,219 land claims were settled at the land cover cap with the building claim settled at less than the building cover cap in respect of the same property. Of those 4,219 claims: • 1,260 included the settlement of a building claim (including building claims below excess), • 2,959 had no associated building claim. 1,441 of these were for flood or storm, which does not have building cover from NHC. I have interpreted the “full amount of land cover” to mean the land cover cap as defined under section 19 of the Earthquake Commission Act 1993 or section 43 of the Natural Hazards Insurance Act 2023, depending on the date damage was incurred. I have interpreted "less than the full amount of cover for the dwelling” to mean a settlement for less than the building cover cap. This data represents claims that have been settled and have a date of loss from 1 January 2023 to 20 September 2024.