new zealand

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.

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.

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.

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 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 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.

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.

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.

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.

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.