This paper discusses the impacts of the September 2010 and February 2011 Canterbury earthquakes on the balance of payments (BOP) and international investment position (IIP) statistics.
- The estimated claim on non-resident reinsurers in the March 2011 quarter (for the February 2011 earthquake) is $7,614 million.
- Statistics New Zealand has not revised the estimated reinsurance claims for the September 2010 quarter. That estimate remains at $3,560 million.
- In the March 2011 quarter, settlements of reinsurance claims from the exceptional Canterbury earthquake events were not significant. As a result, claims outstanding against non-resident reinsurers at 31 March 2011 from both events amount to $11.1 billion. This outstanding balance is recorded in the IIP as an accounts receivable asset, and reduces the net IIP liability position.
- Statistics NZ now treats reinsurance claims on non-residents associated with the exceptional Canterbury earthquake events as capital transfers rather than current transfers. Because of this change, these large values are removed from the current account. The new treatment has no impact on the financial account and IIP.
- Estimates of Canterbury-related reinsurance claims have been sourced from the insurance industry, and are subject to revision.
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Citation
Statistics New Zealand (2011). Impacts of the Canterbury earthquakes on New Zealand’s international accounts. Wellington: Statistics New Zealand
Published in June 2011 by
Statistics New Zealand
Tatauranga Aotearoa
Wellington, New Zealand
ISBN 978-0-478-37713-2 (online)
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