It's the time of the year when many of us, especially Cantabrians, will reflect on the events of September 4, 2010.
It was 4.35am when the 7.1 magnitude earthquake struck Darfield, northwest of Christchurch.
It was the beginning of a long sequence of damaging quakes that changed many lives forever. The sequence has also had a tremendous impact on the role of the Earthquake Commission (EQC).
The events in Canterbury have underlined the value and relevance of our natural hazard insurance scheme. The scheme, with more than 90 per cent household insurance coverage, makes New Zealand unique among developed countries.
It is this high level of insurance and the contributions to the EQC Natural Disaster Fund that have enabled the country to weather the Canterbury earthquakes with limited impact on the economy.
EQC's role had been defined relatively narrowly; as an insurer whose function was largely confined to settling natural disaster claims for damage to land, building and contents, through a cash payment.
In Canterbury, the contribution required of us was much broader. This involved ensuring people had warm, dry, secure homes through emergency repairs and home heating replacement, and ensuring quality repairs were carried out to Canterbury's housing stock.
The quakes had not been planned for. In 2009, EQC's modelling predicted the largest event we were likely to face was only a third of the size of the Canterbury series. Our systems also assumed a single damaging quake.
Even so, EQC has managed these new functions well. Canterbury's good quality housing stock has been recognised by international reinsurers, which have enabled us to increase our reinsurance at more favourable rates relative to the previous year.
We have used the savings to extend our reinsurance protection.
EQC's role in the aftermath of any future natural disasters inevitably will be considered as part of Treasury's review of the EQC Act, announced in September 2012. We have been assisting the Treasury with the review.
The experience in Canterbury shows there are significant opportunities for improvement from a recovery perspective, from the way we manage claims to the way we further enhance our research on how to increase resilience in a future natural disaster.
As our work in Canterbury enters its closing phases, we are conscious that we have inserted ourselves into people's lives in a substantial way.
We remain committed to settling the remaining claims for customers who have waited patiently, allowing others, in particular those most vulnerable, to be looked after first.
Ian Simpson is chief executive of the Earthquake Commission.