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Images, eqnz.chch.2010

The Forsyth Barr building has stood silent and empty (except the occasional intruder and pigeons) since the February 2011 earthquake. It was sold "as is" and I understand that it is now going to be fitted out as a hotel. This is the building that had severe stairwell damage during the quake necessitating people being lowered via ropes etc on t...

Research papers, Victoria University of Wellington

We examine the role of business interruption insurance in business recovery following the Christchurch earthquake in 2011 in the short- and medium-term. In the short-term analysis, we ask whether insurance increases the likelihood of business survival in the aftermath of a disaster. We find only weak evidence that those firms that had incurred damage, but were covered by business interruption insurance, had higher likelihood of survival post-quake compared with those firms that did not have insurance. This absence of evidence may reflect the high degree of uncertainty in the months following the 2011 earthquake and the multiplicity of severe aftershocks. For the medium-term, our results show a more explicit role for insurance in the aftermath of a disaster. Firms with business interruption insurance have a higher probability of increasing productivity and improved performance following a catastrophe. Furthermore, our results show that those organisations that receive prompt and full payments of their claims have a better recovery, in terms of profitability and a subjective ‘”better off” measure’ than those that had protracted or inadequate claim payments (less than 80% of the claim paid within 2.5 years). Interestingly, the latter group does worse than those organisations that had damage but no insurance coverage. This analysis strongly indicates the importance not only of good insurance coverage, but of an insurance system that also delivers prompt claim payments. As a first paper attempting to empirically identify a causal effect of insurance on business recovery, we also emphasize some caveats to our analysis.

Research Papers, Lincoln University

The Canterbury region of New Zealand was shaken by major earthquakes on the 4th September 2010 and 22nd February 2011. The quakes caused 185 fatalities and extensive land, infrastructure and building damage, particularly in the Eastern suburbs of Christchurch city. Almost 450 ha of residential and public land was designated as a ‘Red Zone’ unsuitable for residential redevelopment because land damage was so significant, engineering solutions were uncertain, and repairs would be protracted. Subsequent demolition of all housing and infrastructure in the area has left a blank canvas of land stretching along the Avon River corridor from the CBD to the sea. Initially the Government’s official – but enormously controversial – position was that this land would be cleared and lie fallow until engineering solutions could be found that enabled residential redevelopment. This paper presents an application of a choice experiment (CE) that identified and assessed Christchurch residents’ preferences for different land use options of this Red Zone. Results demonstrated strong public support for the development of a recreational reserve comprising a unique natural environment with native fauna and flora, healthy wetlands and rivers, and recreational opportunities that align with this vision. By highlighting the value of a range of alternatives, the CE provided a platform for public participation and expanded the conversational terrain upon which redevelopment policy took place. We conclude the method has value for land use decision-making beyond the disaster recovery context.

Audio, Radio New Zealand

NUK KORAKO to the Minister of Finance: How does New Zealand’s growing economy and the Government’s commitment to responsible fiscal management mean New Zealand is well-placed to respond to the Kaikōura earthquake? ANDREW LITTLE to the Prime Minister: Has he spoken to relevant Ministers about the lessons learned from the Canterbury earthquakes to ensure people affected by the recent earthquakes have an easier and faster recovery? STUART SMITH to the Minister of Civil Defence: What update can he provide about the Government’s response to the Kaikōura earthquake? RON MARK to the Prime Minister: Can he update the House on the situation in quake-affected areas in the South Island? JAMES SHAW to the Prime Minister: Is he committed to all his Government’s policies? Hon ANNETTE KING to the Minister of Health: Does he stand by his statement that following the Valentine’s Day earthquake this year in Canterbury, “it was timely to review whether any additional mental health and wellbeing support was needed”; if so, will he consider reviewing whether any additional support is needed for Canterbury and Nelson-Marlborough district health boards as a result of the recent earthquakes? JACQUI DEAN to the Minister of Transport: What updates has he received on damage to transport infrastructure following the Kaikōura earthquake? JAN LOGIE to the Minister for Workplace Relations and Safety: What is his response to yesterday’s call from members of the Joint Working Group on Pay Equity Principles for the Government to “immediately right this historic wrong and implement the JWG principles”? JACINDA ARDERN to the Minister for Economic Development: When is he likely to announce a recovery or support package for small businesses in earthquake-affected areas? KANWALJIT SINGH BAKSHI to the Minister of Police: What are New Zealand Police doing to support the Kaikōura community? CHRIS HIPKINS to the Minister of Education: When did she first discuss the potential impact of Monday’s 7.5 earthquake on NCEA and Scholarship exams with the New Zealand Qualifications Authority? IAN McKELVIE to the Minister for Primary Industries: What recent reports has he received on the impact of the recent earthquakes on the primary sector?