new zealand

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.

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%.

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 and reinsurers has changed dramatically […]

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 two-thirds of their losses have […]

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 replaced all of its cover […]

We wrote the other day that reinsurance rates were expected to increase by as much as three times at the 1st July renewals due to the extent of claims caused by the recent earthquakes and the perceived increase in catastrophe risk in the region. Reports are emerging that some have been paying more than twice […]

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, Said S&P, but the reinsurers […]

The perceived risk of catastrophes occurring in New Zealand has risen so much that reinsurance rates could more than triple for some New Zealand only placements at the 1st July renewals said Standard & Poor’s in a report yesterday. Reinsurance capacity is available but the ball is in the reinsurers court and they are likely […]

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 damage and has so many […]

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 that the EQC provides.