New Zealand’s Earthquake Commission (EQC) has announced $NZ1 million ($931,000) in grants to support research on volcanic eruptions and other natural hazards facing the country.

The grant, from the EQC’s Biennial Research Funding Program, will benefit 15 projects, including research into volcanic eruptions in Auckland, the Titri Fault in Otago province in the South Island, and potentially active faults in the North Island city of Hamilton.

“The focus is on the geological perils and the objective is to improve this country’s ability to assess natural hazards risks,” GM Reinsurance, Research and Education Hugh Cowan told insuranceNEWS.com.au.

“We are very proud of the reputation of this program in the marketplace.”

Such studies are important for a country such as New Zealand, which is vulnerable to earthquakes, floods and other natural disasters.

The studies’ findings will aid community planning and mitigation efforts, and help the insurance industry determine appropriate risk solutions.

“The research is important because it informs the pricing of risk… but also, more importantly, it informs us [about] the uncertainty of the risk premium,” Dr Cowan said.