Good news for New Zealand’s insurance industry has been scarce. The country has been struggling with continuous aftershocks after the disastrous quake that struck Christchurch in February. The situation has been so taxing on the country’s insurance industry that many companies have pulled out completely. Now there are more than $3 billion worth of uninsured assets in Canterbury, the region in which Christchurch resides. The city council has been scrambling to obtain some kind of insurance coverage. The majority of insurance policies in the Canterbury area expired a few days…
Read MoreTag: news on Christchurch
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…
Read MoreNew Zealand Rocked by More Earthquakes and Aftershocks
Christchurch, New Zealand, has suffered two more earthquakes, followed by aftershocks on Monday, June 13, 2011, bringing down one of the last remaining buildings that still stood within the devastated downtown, while sending thousands of homes into blackout. The Christchurch city center has already been cordoned-off following the devastating earthquakes in February of this year, but it saw further damage and setbacks to the recovery and repairs with the additional quakes on Monday. Two hundred people were within that area when the earthquakes hit, sending them to seek protection from…
Read More