Chief executive Ian Simpson said rough estimates were that the commission would receive about 100,000 claims from Christchurch home-owners for earthquake damage, which could potentially cost up to $1 billion.
As the commission does not cover commercial property and only pays up to $100,000 per residential dwelling the overall insurance cost could be much more.
Simpson says the costs of claims will dwarf any previous natural disaster, with New Zealand's last big quake in Fiordland last year drawing only 6000 claims worth about $4 million.
People with damaged homes should make claims to the commission in addition to their insurance companies by calling 0800 DAMAGE over the next week.
People who do not have house insurance are not cover by the commission.
Natural Disaster Damage Online Form:
Claims can be lodged with EQC by calling our free-phone on 0800 326 243 at any time. If our lines are busy please keep trying. Staff are dealing with claims as quickly as possible. You can also lodge a claim online by clicking here.
