The New Zealand Earthquake Commission (EQC) has called for a more consistent, coherent and co-ordinated approach to managing natural hazard risk.

Its board says this will reduce future losses and ensure private insurers and reinsurers can continue pricing risk appropriately.

The call comes in an annual statement of intent the state-owned insurer is required to prepare.

The board says next year’s statement will clarify the EQC’s future direction, which will be influenced by a review of the EQC Act announced in 2012, changes in the reinsurance market and evolving customer service models.

It says the Canterbury earthquake series prompted the fourth-largest claims project worldwide and has demonstrated the EQC’s value.

Most EQC-managed home repairs will be finished by the end of this year, and the remainder next year.

Some land claims cannot be resolved until next year because the EQC has sought a court declaratory judgement on complex questions relating to land damage, such as increased vulnerability to flood following the earthquakes, and liquefaction.

The commission has begun planning for the Canterbury recovery program to end, assessing how it will wind up infrastructure and handle new tasks such as building warranty claims.

The EQC will be downsized post-recovery.

In a separate statement of performance expectations, the EQC forecasts premium revenue of $NZ282.29 million ($252.54 million) this financial year and a $NZ160 million ($143.14 million) bill for reinsurance.

It expects to end the year with a surplus of $NZ223.49 million ($199.94 million), with a favourable claims reduction estimate providing a gain of $NZ124.42 million ($111.31 million).

At June 30 the EQC had received 469,000 Canterbury earthquake claims and 12,000 Cook Strait quake claims.