A new report from ratings agency A.M. Best on the state of the insurance market in New Zealand, as it recovers from the earthquakes in Christchurch and huge number of aftershocks, suggests that the market is on the cusp of transformation. A.M. Best says that the operating environment for insurers read the full article →
Standard & Poor's has suggested that primary insurers based or operating in New Zealand could see some of their reinsurance rates as much as triple for property catastrophe reinsurance cover as reinsurers hike prices to claw back losses experienced throughout the first half of this year. Reinsurance capacity is available, read the full article →
Risk modeller EQECAT released the first insured loss estimate for the recent 13th June M6.0 earthquake in Christchurch, New Zealand on Tuesday. Their initial loss estimate was for damages of between $3 billion and $5 billion from this event. This seems reasonable given that the city has suffered so much read the full article →
The latest earthquake which struck the Christchurch area of New Zealand on the 13th June has officially been classified as a new event for insurance purposes by the New Zealand Earthquake Commission (EQC). That means that insurers and reinsurers will be on the hook for claims above the coverage level read the full article →
Yesterdays two earthquakes, which were technically aftershocks of the September M7 quake and February event which devastated much of Christchurch, New Zealand, have been upgraded by the USGS to a magnitude 5.2 and a magnitude 6.0. Risk modeller EQECAT has issued a CatWatch report on this event and they estimate read the full article →
A pair of aftershocks have struck the New Zealand city of Christchurch four months after it was hit by an earthquake which caused billion's of dollars of damage. The pair of aftershocks struck an hour and twenty minutes apart causing buildings to shake, some damage and minor injuries.The first earthquake, read the full article →
Swiss Re, the global reinsurer, have issued a press release detailing their estimated claims cost from the Christchurch, New Zealand earthquake on 22nd February. The final insured loss won't be known for some time and the final impact on reinsurance rates in New Zealand is yet to become clear, although read the full article →
The New Zealand Earthquake Commission (EQC) may fully deplete its reserves paying claims for the recent Christchurch earthquake and have to call on the government to help them pay the remainder from the 6.3 magnitude quake. Standard & Poor's have kept the EQC's triple-A rating intact but point out that read the full article →
Insured loss estimates for the recent earthquake in Christchurch, New Zealand have been rising steadily as reports emerge from different sources. It is extremely likely that the insured loss total from this latest event will be higher than the losses from the earthquake in September as the ground shaking was read the full article →
Tragically, Christchurch in New Zealand has suffered a second severe earthquake which struck the city at 23:51 GMT. The epicentre of the 6.3 magnitude earthquake was just 10km south of the city of Christchurch and at a shallow depth of 5km. This means the shaking experienced was more severe than read the full article →
