Update on the Christchurch, NZ recovery from earthquakes

From the UN report: see this short report.

One additional report, which deals with business recovery, gleaned from Prevention Web is here.

See also the comments below from reader in Christchurch.

2 thoughts on “Update on the Christchurch, NZ recovery from earthquakes

  1. The UNSIDR summary seriously undersells some of the resulting insurance issues, and those issues surrounding the zoning of properties for either repair or compulsory purchase by Government.

    The Canterbury Earthquake Sequence has seen insurance premiums for older commercial buildings in some cases spike more than 500%, in cities as far away as Auckland. Insurers have been heavily hit, and they are taking a far more risk averse approach to managing their exposure, both collectively and locally.

    Additional challenges are now being faced by those wanting to purchase homes in areas that have seen significant land damage, such as in the hardest hit Green zone properties (can be rebuilt, but have far tougher, and hence more expensive, foundation requirements) and banks are requiring up to 40% deposits.

    And for those that are ‘lucky’ enough to have their properties rated as Red zoned, which ‘entitles’ them to compulsory Government buyout at 2007 official valuations, there are those that are left with good houses on bad land, and many owners are not getting full market valuation. But they are the lucky ones, as it is the homeowners stuck with Green TC3 properties, that are entitled to a rebuilt, but so much uncertainty still about technical foundation requirements.

    Finally, there is the general reticence of the insurers to start residential rebuilds now, as the sequence is still underway and there could yet be further damage from more earthquakes.

    Cantabrians are certainly resilient, but there are currently huge and significant issues with insurance and the rebuild. For more information, see the new articles I’m posting on Google+ (my website link).

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