Christchurch, New Zealand, has suffered two more earthquakes, followed by aftershocks on Monday, June 13, 2011, bringing down one of the last remaining buildings that still stood within the devastated downtown, while sending thousands of homes into blackout. The Christchurch city center has already been cordoned-off following the devastating earthquakes in February of this year, but it saw further damage and setbacks to the recovery and repairs with the additional quakes on Monday. Two hundred people were within that area when the earthquakes hit, sending them to seek protection from…
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Continuous aftershocks plague New Zealand spells out bad news for insurers
Several months after a destructive earthquake struck New Zealand, the city of Christchurch is still plagued by violent aftershocks. According to Chris Ryan, head of the Insurance Council of New Zealand, the persistent aftershocks bode ill for the nation’s insurers. Ryan is warning citizens to prepare for dramatic changes coming to the insurance industry as many companies begin to see New Zealand as a high-risk nation. Many of the insurance companies operating in the nation, particularly property insurers have been ramping up rates in an effort to recoup their losses…
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