The industry's next priorities include stepping up anti-fraud awareness work, embedding new distribution rules, advancing risk management reforms and preparing for future catastrophe events.
Insurers have so far counted US$170m in preliminary claims, but the country may need up to US$5bn, or around 10% of GDP, to rebuild after the disaster.
Hydropower projects account for nearly 80% of reported losses, with widespread damage to energy infrastructure expected to drive the bulk of insurance claims.
The initiative could redirect NZ$600-700m (US$360-420m) annually towards natural hazard risk reduction while shifting fire services funding to the Crown.
Shenergy P&C, which underwrote the mine's work safety liability, has prepared an advance claims fund, while more than 50 insurers have activated fast-track processes to cover the policies of affected...
