Canterbury New Zealand earthquake loss continues to creep

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.We've written a number of times about the lengthening tail on the read the full article →

NZ insurers see $694m reinsurance recovery for Kaikoura quake so far

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.The Insurance Council of New Zealand had previously revealed that over NZ$900 read the full article →

Canterbury NZ quake loss costs continue to “develop”

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.The total insurance claims loss neared $19 billion at the end read the full article →

Kaikoura NZ quake commercial insurance claims reach $900m

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.The number only accounts for businesses that have filed claims with local domestic read the full article →

Suncorp pushes more NZ quake claims to reinsurers, blows cat budget (again)

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.Insurance industry losses from the Canterbury, New Zealand earthquakes have continued to creep read the full article →

NZ quake to cost re/insurers up to NZ$5bn, business interruption key

The recent magnitude 7.8 earthquake that struck the Kaikoura area of New Zealand could result in a cost to the economy of up to NZ$8 billion, with insurance and reinsurance potentially paying as much as NZ$5 billion (almost US$3.6 billion) of the loss, according to the country's Reserve Bank.The estimate read the full article →

Suncorp subsidiary Vero says reinsurance to cover NZ quake claims

New Zealand based primary insurance firm Vero, a subsidiary of the Suncorp Group, expects its "strong reinsurance arrangements" will cover "all expected claims" from the recent earthquake that struck the Kaikoura area.Vero, which has reported receiving over 1,000 claims from the magnitude 7.8 quake already, is now the second of read the full article →

New Zealand quake could cost insurers US$3.5bn: AIR Worldwide

The recent magnitude 7.8 New Zealand South Island earthquake could end up costing the insurance and reinsurance industry as much as US$3.5 billion, according to risk modelling firm AIR Worldwide.The risk modeller is the first to offer an official insurance industry loss for the November 14th New Zealand earthquake, estimating read the full article →

Reinsurance to pay for some of NZ quakes, factors could complicate

Reinsurance capital looks set to pay for some of the damage caused by this weeks earthquakes in New Zealand, with local insurers having low deductibles and the EQC likely to call on its program as well, but questions of how many events have occurred could complicate matters, as could supply read the full article →

New Zealand struck by magnitude 7.8 earthquake, damage reported

A magnitude 7.8 earthquake struck New Zealand on Sunday, late at night local time, causing a tsunami warning and was followed by a number of major aftershocks. The earthquake struck around 95km from Christchurch but shaking has been widely experienced including in Wellington.Two fatalities have been reported, but it is read the full article →