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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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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