Insurance woes spark fires in New Zealand

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

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 Australia to acquire New Zealand’s AMI Ltd. in $286 million deal

The Insurance Australia Group Ltd, the nation’s largest home and auto insurer, has announced that it will be acquiring New Zealand’s AMI Ltd, one of the largest property insurers in New Zealand. The $286 million deal is already underway, but will require the approval of New Zealand’s insurance regulators before Insurance Australia can begin taking over policies. This is good news for those affected by the devastating earthquake that struck New Zealand in February of this year, as they will soon be able to enjoy policies from a larger, more…

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Mortality protection gap for life insurance in Australia nears $1 trillion

According to Swiss Reinsurance Co., the life insurance mortality protection gap in Australia has reached almost $1 trillion. Since 2000, estimates from Swiss Re. about the gap – that is, the size of the needed protection that is not protected by funding from savings or insurance – has risen by $432 billion to reach $972 billion. These figures were the outcomes of a survey conducted with 1000 participants who are working individuals between the ages of 20 and 40 in Melbourne and Sydney. According to the head of the life…

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New Zealand residents rally against insurers and government over unfair treatment in the wake of February earthquake disaster

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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