New Zealand’s EQC Toka Tū Ake, previously known as the New Zealand Earthquake Commission, has added more limit to its reinsurance tower, lifting the top by $1 billion for 2024, in a renewal securing $9.2 billion of cover for disaster losses in the country.
The EQC has been growing New Zealand’s disaster reinsurance protection over recent years, from a nearly $7 billion reinsurance tower in 2021, to $7.2 billion for 2022, then $8.2 billion for 2023.
Typically, a number of insurance-linked securities (ILS) funds participate, taking a small share of the reinsurance program on a fronted basis in recent years.
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