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NZ’s Canterbury earthquake loss estimate creeps up to $22.3bn

Further demonstrating the long-tail that earthquake claims can have, the insurance and reinsurance market loss estimate for the 2010 and 2011 Canterbury, New Zealand earthquakes continues to rise, with the latest figure now $22.3 billion, according to the Insurance Council.We’ve written a number of times in recent years about the read the full article →

Canterbury & Kaikoura quake claims still creeping for insurers

There is evidence that claims from the New Zealand earthquakes continue to impact insurers and be passed on to reinsurance capital as a result, with IAG and Suncorp both reporting more claims coming in from Canterbury and Kaikoura quake events.The Canterbury earthquakes are now a distant memory for many in read the full article →

Kaikoura earthquake claims reach NZ $2 billion

Insurance claims filed in both personal and commercial business lines that will fall to the private market for payment after the 14th November 2016 Kaikoura earthquake have now risen to NZ $2 billion (US $1.46 billion) according to the Insurance Council of New Zealand.The earthquake struck the Kaikoura region of read the full article →

Suncorp’s Canterbury quake loss rises again, reinsurers continue to assist

Australia and New Zealand insurer Suncorp Group has continued to suffer from additional over cap claims and loss creep from the Canterbury, NZ earthquakes, reporting an increase to its ultimate net loss for the events of $129 million.Suncorp has been burning through its reinsurance provisions over the last year, with read the full article →

Kaikoura quake claims hit NZ $1.84 billion

Insurance claims filed in both personal and commercial lines that will fall to private insurers after the 14th November Kaikoura earthquake have now risen to NZ $1.84 billion (approximately US $1.33 billion), according to the latest data from the Insurance Council of New Zealand.The earthquake struck the Kaikoura area of read the full article →

Kaikoura quake reinsurance recovery seen at $814m by NZ gov

The New Zealand government statistical department has increased its estimate of the reinsurance recovery due to insurance companies in the country, raising it from NZ$694 million at the end of 2016 to NZ$814 million at the end of March 2017.The earthquake struck the Kaikoura area of New Zealand on the read the full article →

Canterbury New Zealand earthquake loss continues to creep

The insurance and reinsurance market loss from the 2010/11 Canterbury, New Zealand earthquakes continues to increase, with insurer Tower Group again reporting further loss creep yesterday and the industry total now estimated at $21 billion by the Insurance Council.We've written a number of times about the lengthening tail on the read the full article →

NZ insurers see $694m reinsurance recovery for Kaikoura quake so far

Insurance companies in New Zealand are set to reclaim NZ$694 million from the global reinsurance market for claims made in the wake of the 14th November magnitude 7.8 earthquake in Kaikoura, a total that is expected to rise further.The Insurance Council of New Zealand had previously revealed that over NZ$900 read the full article →

Canterbury NZ quake loss costs continue to “develop”

We've written before about the lengthening tail on the Canterbury New Zealand earthquake loss from 2010/11, as the event demonstrates that quakes are not always a short-tail catastrophe loss. Latest commentary from local insurers suggests this tail continues to lengthen.The total insurance claims loss neared $19 billion at the end read the full article →

Kaikoura NZ quake commercial insurance claims reach $900m

Insurance industry losses from the 14th November magnitude 7.8 earthquake in Kaikoura, new Zealand are starting to be counted, with the Insurance Council of New Zealand revealing that over NZ$900 million of commercial claims have already been filed.The number only accounts for businesses that have filed claims with local domestic read the full article →