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Suncorp pushes more NZ quake claims to reinsurers, blows cat budget (again)

Australian insurer Suncorp Group has revealed a further deterioration in its 2010 and 2011 Canterbury, New Zealand earthquake losses, increasing provisions by NZ$112 million (just over US$80m) with the majority to be passed on to its reinsurance providers.Insurance industry losses from the Canterbury, New Zealand earthquakes have continued to creep read the full article →

NZ quake to cost re/insurers up to NZ$5bn, business interruption key

The recent magnitude 7.8 earthquake that struck the Kaikoura area of New Zealand could result in a cost to the economy of up to NZ$8 billion, with insurance and reinsurance potentially paying as much as NZ$5 billion (almost US$3.6 billion) of the loss, according to the country's Reserve Bank.The estimate read the full article →

Suncorp subsidiary Vero says reinsurance to cover NZ quake claims

New Zealand based primary insurance firm Vero, a subsidiary of the Suncorp Group, expects its "strong reinsurance arrangements" will cover "all expected claims" from the recent earthquake that struck the Kaikoura area.Vero, which has reported receiving over 1,000 claims from the magnitude 7.8 quake already, is now the second of read the full article →

New Zealand quake could cost insurers US$3.5bn: AIR Worldwide

The recent magnitude 7.8 New Zealand South Island earthquake could end up costing the insurance and reinsurance industry as much as US$3.5 billion, according to risk modelling firm AIR Worldwide.The risk modeller is the first to offer an official insurance industry loss for the November 14th New Zealand earthquake, estimating read the full article →

Reinsurance to pay for some of NZ quakes, factors could complicate

Reinsurance capital looks set to pay for some of the damage caused by this weeks earthquakes in New Zealand, with local insurers having low deductibles and the EQC likely to call on its program as well, but questions of how many events have occurred could complicate matters, as could supply read the full article →

New Zealand struck by magnitude 7.8 earthquake, damage reported

A magnitude 7.8 earthquake struck New Zealand on Sunday, late at night local time, causing a tsunami warning and was followed by a number of major aftershocks. The earthquake struck around 95km from Christchurch but shaking has been widely experienced including in Wellington.Two fatalities have been reported, but it is read the full article →

IAG adding to NZ quake reinsurance reflects ongoing loss creep

IAG New Zealand has extended its reinsurance protection to help it pay for claims from the Canterbury earthquakes again, purchasing a $900m adverse development cover through in internal reinsurance transaction, with the majority of the risk retroceded to third-parties.Earlier this week we wrote that the claims toll from the 2010 read the full article →

NZ quake loss tail grows again, settled insurance claims hit $19bn

The longer-tail nature of some earthquake loss events continues to be demonstrated by the Canterbury, New Zealand disasters, with the Insurance Council reporting that paid insurance losses have now hit $19 billion, up $1 billion since the end of June.The Insurance Council of New Zealand said this morning that claims read the full article →

Ongoing claims issues in NZ show quake isn’t always a short-tail risk

The Insurance Council of New Zealand said that private insurance and reinsurance firms have now paid out more than $18 billion to settle commercial and residential claims from the Canterbury earthquakes, but ever since the quakes the magnitude of the loss has been filled with uncertainty.However, hundreds of customers are read the full article →

Swiss Re takes weather derivative loss & New Zealand loss creep in Q1

Global reinsurance firm Swiss Re's first-quarter 2016 results were impacted by weather derivative losses and further adverse development from the New Zealand earthquakes, which could signal impacts more broadly, perhaps affecting some insurance-linked securities (ILS) players.With Swiss Re among the largest insurance and reinsurance companies in the world, what impacts read the full article →