New Zealand’s Canterbury gets limited insurance after the majority of companies flee the market

Good news for New Zealand’s insurance industry has been scarce. The country has been struggling with continuous aftershocks after the disastrous quake that struck Christchurch in February. The situation has been so taxing on the country’s insurance industry that many companies have pulled out completely. Now there are more than $3 billion worth of uninsured assets in Canterbury, the region in which Christchurch resides. The city council has been scrambling to obtain some kind of insurance coverage. The majority of insurance policies in the Canterbury area expired a few days…

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