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AMI sold for $380 million

Posted by chris on 01/06/12

New Zealand's largest insurer IAG has purchased AMI for NZ$380 million in a purchase that excludes all earthquake claims liabilities.

To read the full article please click here.

 

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Ansvar Insurance quits the New Zealand market

Posted by chris on 01/06/12

Nearly 1000 Canterbury residents face having no earthquake insurance after tomorrow as their provider quits the New Zealand market.

Ansvar Insurance is withdrawing its coverage after being swamped with more than $700 million in quake-related claims since September last year.

For the full article please click here.

 

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Insurance Landscape Rocked

Posted by chris on 01/06/12

The way your house is insured is changing. "Evolving" is how the insurance industry terms it.

To read the full article please click here

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AMI breaches bailout deed

Posted by chris on 09/28/11

AMI is in breach of both the Reserve Bank's draft solvency standards for insurance companies and the solvency standard in the Crown Support Deed which provides $500m of back-up capital.

Failing to meet that standard is a "trigger event" that would allow the Crown to take ownership of the company.

To read the full article please click here

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AMI's earthquake claims to take 4 years

Posted by chris on 09/21/11

The Christchurch-based company, which revealed a claims total of about $2 billion yesterday, is postponing repairs and rebuilds until the aftershocks settle down and has paid out only $80 million of the estimated $2b.

To read the full article please click here

 

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PM Key favours trebling EQC levy to get disaster fund back to NZ$6 billion

Posted by chris on 09/20/11

 Government may triple households’ EQC levies in order to get the fund back to NZ$6 billion over the next nine years, Prime Minister John Key said today.

For the full article please click here

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Quake claims push AMI into red

Posted by chris on 09/20/11

 The Government says embattled Christchurch insurer AMI insurance is likely to cost the taxpayer a considerable amount of money. Based on the $705 million annual loss reported by AMI the best current estimate of the likely cost of the Government's support package is $337 million.

For the full article please click here

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EQC sells investments as costs rise

Posted by chris on 09/14/11

 The Earthquake Commission is selling down its $3.1 billion of government bonds, taking advantage of the strongest prices since early 2009, to fund settlement of claims from the Christchurch quakes.

The move comes as the net cost of the Christchurch earthquake has been revised again to $7.07 billion.

Please click here to read the full article.

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Business Travel Cover

Posted by chris on 08/31/11

Like the difference between business class and economy on a plane, there are also substantial variations in business travel insurance.

However while it is obvious to travellers if they are flying business class, the standard of travel cover may not be immediately apparent.

Click here to find out more about a travel policy that can not only benefit you as a business owner but also your employees and their families.

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Home insurance may go up $300 a year

Posted by chris on 08/25/11

Global reinsurance companies are indicating they will increase the premiums that insurance companies must pay by up to five-fold to recover huge losses in the Asia Pacific region from the Canterbury earthquakes, the Queensland floods, Cyclone Yasi and the Japanese tsunami. As a result insurance premiums are increasing dramatically as these reinsurance costs need to be passed on to the consumer.

For the full article on this topic please CLICK HERE

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