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IAG reports NZ quake deterioration, bulks up Buffett reinsurance

Australian insurance group IAG has reported its results, revealing continued deterioration of its Canterbury, New Zealand earthquake claims, challenging commercial market conditions and new reinsurance arrangements with Warren Buffett's Berkshire Hathaway.IAG last reported the ongoing claims creep from the 2011 New Zealand earthquake last August, when it said that its read the full article →

New Zealand earthquake loss continues deterioration trend

The 2011 Canterbury, New Zealand earthquakes continue to demonstrate how complicated an event major earthquakes can be, in terms of calculating losses, as Insurance Australia Group (IAG) revealed further impacts to its bottom-line from claims deterioration.Earlier this year, IAG reported reserve strengthening for its loss reserves for the 2011 NZ read the full article →

IAG sees further New Zealand quake loss deterioration

In a reminder that catastrophe claims are not always settled rapidly and that it can take some years before the final insurance industry loss and impact to reinsurance markets is clear, IAG has revealed another deterioration in its loss due to the 2011 Canterbury, New Zealand earthquakes.In announcing its latest read the full article →

NZ Earthquake Commission wants cat bond approval for reinsurance

The New Zealand Earthquake Commission (EQC), a state-backed provider of earthquake insurance coverage, is seeking greater flexibility in its use of reinsurance, including the ability to issue catastrophe bonds as part of its risk transfer.The government of New Zealand has released a number of proposals to reform the Earthquake Commission read the full article →

Convergence trends help NZ Earthquake Commission on reinsurance

The New Zealand Earthquake Commission (EQC), provider of natural disaster insurance to residential properties and administrator of the NZ Natural Disaster Fund, acknowledges that the ILS and convergence trend has helped it when buying reinsurance.The NZ EQC is one of the largest buyers of catastrophe reinsurance in the world, having read the full article →

NZ Earthquake Commission taps non-traditional reinsurance market

The New Zealand Earthquake Commission (EQC) has utilised an element of non-traditional, or alternative, reinsurance capital within its recently completed $4.5 billion reinsurance programme renewal, a spokesperson confirmed to Artemis.As we wrote here last week, the NZ Earthquake Commission has benefited from softer catastrophe reinsurance pricing in its latest renewal, read the full article →

NZ Earthquake Commission benefits from softer reinsurance pricing

The New Zealand Earthquake Commission, who buys one of the world's largest reinsurance programmes, has benefited from softer catastrophe reinsurance pricing in its latest renewal, allowing it to buy more cover while rates were down approximately 10%.In 2013 the New Zealand Earthquake Commission purchased $3.25 billion of reinsurance cover, but read the full article →

Cat bonds still an option for New Zealand as insurance market adjusts post-quakes

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 →

Reinsurers take the burden for Australia and New Zealand catastrophes

Aon Benfield have estimated that insurers in Australia and New Zealand have recovered as much as $16 billion of their catastrophe losses caused by disasters during 2010 and 2011 from reinsurers. They say this shows how reinsurance has supported these insurers and the reinsurance market has remained effective as nearly read the full article →

NZ Earthquake Commission fails to secure multi-year reinsurance

The New Zealand Earthquake Commission (NZ EQC) has failed to renew any of its multi-year reinsurance contracts and has had to replace them with annual contracts instead. Since the damaging earthquakes in Christchurch it has been difficult for many to secure enough cover to replace expiring re/insurance. The ECQ has read the full article →