Tragically, Christchurch in New Zealand has suffered a second severe earthquake which struck the city at 23:51 GMT. The epicentre of the 6.3 magnitude earthquake was just 10km south of the city of Christchurch and at a shallow depth of 5km. This means the shaking experienced was more severe than in the 7.1 magnitude quake […]
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Loss estimates for the New Zealand earthquake earlier this year have been rising steadily as more and more claims get filed. Only a couple of months ago the loss estimates were for an industry loss of around $3 billion, to which some said that certain industry-loss warranty (ILW) contracts would be triggered.
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Reinsurer PartnerRe Ltd. has upped its loss estimate for the September 3rd, Christchurch New Zealand earthquake. The quake damaged over 100,000 homes, cut water and sewage lines and and loss estimates have been rising as more and more claims come to light.
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