Continued aftershocks in Christchurch could have long term effects on the insurability of New Zealand
Media release
Christchurch insurance rebuilds $NZ10 billion and rising
15 June 2011
The Insurance Council is warning that the continued aftershocks in Christchurch could have long term effects on the insurability of New Zealand.
The insurance industry has indicated that the continued aftershocks in Canterbury are being viewed with increasing concern by reinsurers and international insurers. The aftershocks raise the level of risk seen in New Zealand and may have a significant impact on insurance and reinsurance policies in the future.
The impact may see increases in premiums and excesses, or even a questioning of the level of insurability for earthquakes that New Zealand receives.
The insurance industry stands firmly behind the people of Canterbury and is currently mustering all resources to cope with the increased and additional influx of claims being received as a result of Monday’s additional earthquakes.
The insurance industry says that many buildings already under repair were again destroyed by the aftershock and this will require a further approach by insurers through their builders to the insured parties, to ensure that buildings are repaired. But earthquake protection will now be set internationally. New Zealand’s earthquake insurance future will be decided by reinsurers’ in boardrooms on the other side of the world.
The insurance industry is now gearing up and expects to pay at least $NZ10 billion into the Canterbury economy and the rebuilding of Canterbury and Christchurch generally. However, over a hundred extra commercial buildings were destroyed in the latest quakes and costs will rise.
The Insurance Council members express their empathy with the people of Christchurch and assure them that the insurance industry will stand behind them to rebuild the community better and brighter than it has ever been.
A number of insurance offices were closed briefly to allow staff to return home to comfort family and children affected by the aftershocks and the industry has indicated that the impact on its staff, like the rest of the Canterbury community, has been profound in a psychological level.
The insurance industry however, says that the future is now being re-assessed by reinsurers and insurers and there are likely to be long term and significant changes to insurance in New Zealand when it comes to the writing of policies and covering of risks like earthquake.
Click here to read related latest article published on Sutff.co.nz – 15/6/11.
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Christmas is coming – are you prepared?
The festive season is almost upon us and many Kiwi’s will be travelling to see loved ones over the christmas – new year break.
There are simple things to remember and we should always take every opportunity to make sure that our houses are left secure, the mail is going to be collected and that we don’t leave valuables for all to see in our vehicles. Vehicles with GPS units or even the holder sitting on the dash or windscreen are becoming prime targets.
Why not quickly make sure that the items you are taking on holiday are insured, that the home alarm is working and that you have pictures of your valuables safely stored away just incase you are in the unfortunate posiotion of making a claim. Nothing beats showing the insurer a video of your contents in the case of a large burglary.
Thorners are established award winning insurance brokers servicing clients New Zealand wide so contact us if you need to review your current policies. We look forward to hearing from you.
Click here to email Thorners or Call Us on (04) 528 8088
Click here to view our disclosure statement.
Click here to email Thorners or Call Us on (04) 528 8088
Super Gold Card Holder Insurance Offer
Thorners are pleased to announce that they have been accepted as a Super Gold Card Holder merchant for home, contents, vehicle and pleasure craft insurance cover.
An additional 10% discount is available to all Super Gold Card Holders aged 55 and over who take out an Ansvar Insurance policy for personal use.
Contact us today for a quote no matter where you live in New Zealand.
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Click here to email Thorners or Call Us on (04) 528 8088
Click here to view our disclosure statement.
Click here to email Thorners or Call Us on (04) 528 8088
