The Reserve Bank of New Zealand (RBNZ) has added claims and reinsurance positions for November’s Kaikoura earthquake to its property insurer reporting requirements.

A catastrophe claims return form for the 2010/11 Canterbury quakes has been modified by the RBNZ to include the Kaikoura event.

“The experience of the Canterbury earthquakes has highlighted the importance of regularly monitoring claims and reinsurance positions for significant catastrophe events as part of prudential supervision,” the RBNZ says.

Reporting frequency is based on the stability of claims estimates and the significance of each event.

Initial reporting on the Kaikoura quake would generally be monthly and revert to quarterly as claims estimates become more reliable, with provision for resubmission if needed.

“We think this provides a balance between compliance costs and our prudential monitoring needs,” the RBNZ says.