Canterbury, New Zealand faces homeowners insurance hikes following earthquakes

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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Insurers show tentative interest in New Zealand insurance market nearly a year after devastating earthquake

A devastating earthquake struck New Zealand early this year, causing widespread damage throughout the region of Canterbury. In the wake of the quake, insurance companies fled the nation, paying out policies and refusing to sell insurance in the region until recovery had been achieved. In the months following the disaster, the New Zealand government offered to purchase the properties that had been damaged, all of which were completely uninsurable. Recently, however, insurance agents and underwriters have been visiting Christchurch, the city most affected by the disaster, looking to assess the…

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