The cost of reinsurance in New Zealand set to triple starting July 1

As the rebuilding of Christchurch, New Zealand, continues months after a disastrous earthquake struck the nation, insurance companies are going to have a hard time finding reinsurance deals as prices are set to triple by July 1st, according to S&P’s analysts. The rise in reinsurance rates is due to the extent of the damage done in New Zealand by the initial quake and its subsequent aftershocks, which are still occurring today. As the aftershocks continue, so too does the damage worsen, driving reinsurers to raise their rates in an effort…

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