Tag: Christchurch earthquake

Earthquake Court promised by New Zealand government for ongoing insurance claims

H. Cutner
Christchurch New Zealand Insurance earthquake court

The Labour led federal gov is hoping that this step will speed up the process for unresolved cases. The government of New Zealand is now working to create an Earthquake Court that will be meant specifically for making it possible to bring some resolution to the insurance claims in the country that remain outstanding after the massive quakes shook many parts of the country, including Christchurch. The government has also committed a certain amount of funding for a portion of the total repair bill. The Earthquake Court and the funding…

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Insurance woes spark fires in New Zealand

Nordstrom
Christchurch New Zealand Insurance earthquake court

Christchurch the home of rising insurance fraud New Zealand’s Christchurch continues to wrangle with ongoing insurance troubles amidst persistent aftershocks stemming from a major earthquake disaster in late 2010. The quake caused extensive damage throughout the Christchurch region and caused a large exodus of many of the country’s insurance providers. This flight of insurers left much of the region without insurance, which led to various government initiatives aimed at providing some amount of stability to those that still lived in the area. Now, however, a new trend has emerged within…

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Canterbury, New Zealand faces homeowners insurance hikes following earthquakes

H. Cutner

Homeowners in Canterbury, New Zealand are facing aftershocks of a financial kind, following the earthquake that struck the area, as the areas insurers hike the rates by up to 30 percent. Insurance companies were slammed by claims for damage from the quake, and by fees from international reinsurers. These insurers say that they are working hard to balance the tremendous costs against their dedication to keeping prices as affordable as possible. However, the most recent renewals for policies, where the terms begin February 1 or afterward, will also include an…

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Insurance claims hit record highs in 2011 due to natural disasters

According to Munich Re, earthquakes and other natural disasters in 2011 led to record losses in the insurance industry, which are estimated to have reached $105 billion. The world’s largest reinsurer said that the earthquakes in Japan, and the tsunami that followed, contributed to those totals by adding nearly 16,000 deaths and estimated $35 to $40 billion in damages to the final figures. Munich Re added that the February quake in Christchurch, New Zealand, alone was responsible for another $13 billion in insured damages. Together those two earthquakes caused almost…

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2011 disaster losses break records from previous years

H. Cutner

This year was one that brought disasters to areas all around the globe, and these catastrophes came with record breaking bills that have left the figures from previous years behind. According to the data from Swiss Re AG, a reinsurance company, the quakes and tsunami in Japan, the earthquakes in New Zealand, the Thailand floods, and the large number of American tornadoes brought a global disaster loss total up to a staggering $350 billion. The tremendous amount of devastation brought production at factories to a grinding halt and cut off…

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