new zealand

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.

Yesterdays two earthquakes, which were technically aftershocks of the September M7 quake and February event which devastated much of Christchurch, New Zealand, have been upgraded by the USGS to a magnitude 5.2 and a magnitude 6.0. Risk modeller EQECAT has issued a CatWatch report on this event and they estimate that the two earthquakes could […]

A pair of aftershocks have struck the New Zealand city of Christchurch four months after it was hit by an earthquake which caused billion’s of dollars of damage. The pair of aftershocks struck an hour and twenty minutes apart causing buildings to shake, some damage and minor injuries.

February’s earthquake in Christchurch, New Zealand continues to have implications for the re/insurance market and the NZ government as it comes to light that an insurer, AMI Insurance, did not have enough reinsurance cover to back-up the volume of claims it’s experiencing from the disaster.

Swiss Re, the global reinsurer, have issued a press release detailing their estimated claims cost from the Christchurch, New Zealand earthquake on 22nd February. The final insured loss won’t be known for some time and the final impact on reinsurance rates in New Zealand is yet to become clear, although likely to rise.

The New Zealand Earthquake Commission (EQC) may fully deplete its reserves paying claims for the recent Christchurch earthquake and have to call on the government to help them pay the remainder from the 6.3 magnitude quake. Standard & Poor’s have kept the EQC’s triple-A rating intact but point out that if the insured loss is […]

Insured loss estimates for the recent earthquake in Christchurch, New Zealand have been rising steadily as reports emerge from different sources. It is extremely likely that the insured loss total from this latest event will be higher than the losses from the earthquake in September as the ground shaking was so much more pronounced and […]