EQC earthquake liability increased by $4 billion

The new estimate follows an actuarial valuation of EQC’s liability, based on available field assessments of damage claims. It includes an increase of $2.17 billion from the February 22 earthquake and $1.42 billion from the June 13 earthquakes and other aftershocks, which were not previously included.

"The Government is committed to rebuilding Christchurch and supporting the people of Canterbury," English said.

"Today's announcement will not affect homeowners’ claims, which EQC will continue to pay in full."

English also said the increase would not delay rebuilding work in Christchurch as most of those costs would be met through the National Disaster fund, which held around $6 billion before the first earthquake.