New Zealand has revised its accounting treatment of insurance and reinsurance claims resulting from 2010 and 2011’s Christchurch earthquakes to better reflect the country’s economic position.

Government agency Statistics NZ says earthquake claims will be recorded as capital transfers instead of current transfers, so that claims are no longer included in the current account balance of its balance of payments statistics.

The claims would have boosted the balance of payments to a surplus for the first quarter of this year, despite the belief among economists that the underlying current account deficit may have worsened.

Economists put the impact of the insurance and reinsurance flows at around $NZ6 billion ($4.6 billion).

Statistics NZ says it took the decision so that New Zealand’s “key economic statistics better reflect our economic position”.

“The adopted treatment recognises that the loss due to the earthquakes is well beyond the usual damage due to earthquakes in New Zealand,” Statistics NZ says in a statement.

It says the decision was made after “careful analysis of internationally recognised options endorsed by bodies including the United Nations, International Monetary Fund and World Bank”.

The country’s balance of payments statistics will also be revised for the September 2010 quarter.