The insurance company set up by the Government after the collapse of AMI Insurance is heavily in the red.
Southern Response Earthquake Services was set up almost a year ago after AMI failed, leaving its clients hanging.
According to Southern Response's statement of intent, it already has an after tax deficit of over $162 million.
Its asset deficit stands at over $47 million because of increases in claim liability estimates.
The company warns those liabilities could worsen, depending on building and land costs, EQC contributions, and reinsurance.
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