New Zealand, earthquake, India, life insurers, regulation
NZ Quake Losses Will Push Prices Up
By Iris Lai
New Zealand’s 6.3 magnitude earthquake is expected to trigger an upward movement on reinsurance pricing, as most primary insurers in the market have substantial reinsurance cover for losses related to the Feb. 22 quake in Christchurch.
Industry insured losses are estimated to be between NZ$5 billion (US$3.8 billion) and NZ$11.5 billion, centered on physical damage of property and business interruption, according to catastrophe modeler AIR Worldwide. The quake caused extensive damage in the city center of Christchurch and is the second major quake to strike the city in six months.
The catastrophe has put a strain on the New Zealand/Australia region, which was the location of four of the world’s costliest natural perils in 2010. “We do envisage an impact on the insurance industry as a result of the compounded effect of these disasters,” said Mike New Zealand, earthquake, India, life insurers, reg
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