Reinsurance News
Canterbury earthquakes
NZ Earthquake Commission renews $6.2bn reinsurance programme
18th June 2020
New Zealand's Earthquake Commission (EQC) has announced the successful renewal of its NZ$6.2 billion reinsurance programme for 2020-2021. The reinsurance will cover disaster events such as earthquakes, tsunamis and volcanic eruptions. This year's programme is a renewal of the upsized 2019-2020 reinsurance programme. EQC's Chief Executive Officer (CEO), Sid Miller, said: "International ... Read the full article
ICNZ challenges practicality of post-disaster property repairs
4th April 2019
The Insurance Council of New Zealand (ICNZ) has challenged the expectation that re/insurers or the government should return properties to the condition that they were in before being hit by disasters. Speaking with Insurance News, ICNZ’s CEO, Tim Grafton, said that a national conversation was needed across New Zealand to address ... Read the full article
Tower posts $6.7mn loss as weather events and earthquakes hit earnings
28th November 2018
New Zealand-based insurer Tower Limited has posted an NZ $6.7 million (US $4.6 million) loss for the 12 months ending September 30, as its earnings were hit by severe weather claims across the Pacific, escalating costs from the 2010 Canterbury earthquakes, and a settlement with reinsurer Peak Re. The company has ... Read the full article
ICNZ raise Canterbury Earthquakes tribunal concerns as losses rise to $22.3bn
3rd August 2018
The Insurance Council of New Zealand (ICNZ) has raised concerns regarding a Parliamentary Bill that proposes to establish a Tribunal for claims relating to the 2010-2011 Canterbury Earthquakes, as total insured losses for the event are now projected to creep up to AUD $22.3 billion (USD $16.4 billion). While the vast ... Read the full article
New Zealand brokers warn of rising premiums as fire & EQC taxes increase
22nd September 2017
Insurance brokers in New Zealand have warned that the cost of insuring some buildings could be about to increase by up to 50% as a result of higher earthquake commission (EQC) and fire service taxes, and the changing marketplace caused by recent earthquakes. According to reports from the country, regions that were hit ... Read the full article
More quakes could challenge availability of affordable cover in NZ, warns Munich Re
26th July 2017
More earthquakes in New Zealand could see commercial building owners struggle to find adequate, effective and affordable insurance protection for the risk, warns Munich Re's Scott Hawkins. General Manager, Non-life, Munich Re Australasia, Hawkins, warned of the risks during a speech at a recent building industry conference held in Wellington, New Zealand, according ... Read the full article
Tower to pass more NZ catastrophe & weather losses to reinsurers
24th May 2017
Tower Insurance, the New Zealand insurer that is in the process of selling itself, has reported that loss creep due to the 2010 and 2011 Canterbury earthquakes, plus impacts from the Tasman Tempest storm, the Kaikoura earthquakes and recent storm events will result in further reinsurance claims being made. Tower ... Read the full article
Reinsurance ensures Western Pacific’s Canterbury policy holders receive first payouts
24th February 2017
Reinsurance capacity is ensuring that some Western Pacific Insurance Limited policy holders are finally receiving their first payouts from the 2010 and 2011 Canterbury, New Zealand earthquakes, according to the insurer's liquidators. The shareholders of Western Pacific placed the firm into liquidation in April 2011, after the insurer was found to ... Read the full article
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