Building innovative solutions from disaster

In February 2011, a magnitude 6.3 earthquake hit the city of Christchurch at a low depth of 5km. It shook the region to its core, taking the lives of 185 people, injuring several thousand, and causing widespread damage across the city. Insurance settlements have totalled NZD 23 billion to date. This single event considerably changed New Zealand’s insurance landscape.

Take a look at the video below or continue reading to find out more.

New Zealand has a turbulent natural landscape, and in the years following the Christchurch earthquake, we have seen multiple major earthquakes, flooding, storms and other natural disasters across the country. Local authorities have had no choice but to re-examine their approach to risk transfer for natural disasters. Aon have worked alongside them to develop innovative solutions that accommodate and foster this new approach.

We want our communities to survive and thrive in a world of uncertainty and the need to support them by protecting their infrastructure was a key driver from the beginning. Aon offers our clients a holistic solution when it comes to natural disaster; the Aon United approach is multi-faceted and stretches across our brokerage, risk evaluation, engineers, actuarial, valuations, risk accounting capabilities – and it is driven by data and analytics. 

Looking to the future, our cities and communities are facing increased challenges. By working closely with our clients to create robust solutions in response, there have been a few outcomes that are helping to safeguard this future, including:

  • An approach that allows gradual change, supported by financial protection - meaning the protection gap is reduced.

  • The link between the engineering solution (physical mitigation) and financial mitigation creates a virtuous cycle that makes both more sustainable.

  • By enabling better protection of key infrastructure and working collaboratively with clients and experts we are supporting community resilience at local, regional and at a national level.

  • There are now more informed decisions around how the councils can protect their assets, not just what they protect.

Aon empowers city and town councils across New Zealand to manage their natural disaster exposures, and by doing so our clients can retain and sustain risk transfer capacity, drive resilience through better hazard planning, enhance community resilience by ensuring the protection gap is reduced and ensure that infrastructure services are more effectively maintained/restored following an event.

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