Confidence is growing over the recovery of earthquake-hit Christchurch, with the New Zealand Earthquake Commission (EQC) successfully obtaining reinsurance.

Roger Sutton, CEO of the Canterbury Earthquake Recovery Authority, told the Building Nations Symposium in Wellington that “while reinsurance is costing us more, we still have it.

“[The EQC] got reinsurance for New Zealand, they got reinsurance for Christchurch, they got reinsurance for the land.”

EQC spokesman Iain Butler told insuranceNEWS.com.au today “the recent reinsurance negotiations were about renewing cover for future events, which we have successfully done”.

“I can’t comment on private cover except to say that reinsurance providers continue to have confidence in the New Zealand market.”

Insurance Council of New Zealand spokesman Brett Solvander says the private insurers have also secured reinsurance. “It’s my understanding that our members have got reinsurance for the year ahead,” he added.