Residents of New Zealand’s Christchurch are outraged at the treatment they have received from both the government and insurance companies in the wake of the devastating earthquake that struck the nation earlier in the year. Many homes and businesses were destroyed or left uninhabitable after the earthquake, leading government officials to designate the area’s most affected by the quake as a “red zone.” Former residents of the red zone are now calling for justice as many of the nation’s insurance companies refuse to pay claims. After February’s earthquake, many insurance…
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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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