Insurers Halting Earthquake Coverage in New Zealand

Ansvar Insurance announced it will no longer offer coverage anywhere in the country, while Zurich will stop writing new coverage outside of Auckland, Northland, and Waikato.

Two companies that had provided earthquake coverage to businesses and homeowners in New Zealand announced last week that they will stop offering it throughout the country, in the case of Ansvar Insurance, or will no longer offer coverage outside of Auckland, Northland, and Waikato -- which leaves out the earthquake-prone city of Christchurch, where there was extensive damage from a powerful earthquake in February 2011.

Bernard Hickey, managing editor of Interest.co.nz, a service providing research and information about banks and financial institutions in the country, reported both announcements, which quickly were picked up by New Zealand's news media.

Hickey reported that Ansvar is the largest insurer of churches and heritage buildings in New Zealand and sustained $700 million in losses from the February earthquake. In an interview, Ansvar's chief executive for Australia and New Zealand, told Hickey the damage was greater for his company than for other insurers because Ansvar insured so many stone buildings. He said the risk of future earthquakes and the high cost of reinsurance drove the decision.

Download Center

HTML - No Current Item Deck
  • Free Safety Management Software Demo

    IndustrySafe Safety Management Software helps organizations to improve safety by providing a comprehensive toolset of software modules to help businesses identify trouble spots; reduce claims, lost days, OSHA fines; and more.

  • Complete Online Safety Training Courses

    Deliver state-of-the art, online safety training courses to your organization with IndustrySafe Training Management Software. Generate reports to track training compliance and automatically notify learners of upcoming or overdue classes.

  • Easy to Use Safety Inspection App

    Conduct inspections on the go with IndustrySafe’s mobile app. Complete safety audits at job sites and remote locations—with or without web access.

  • Track Key Safety Performance Indicators

    IndustrySafe’s Dashboard Module allows organizations to easily track safety KPIs and metrics. Gain increased visibility into your business’ operations and safety data.

  • Analyze Incident Data and Maintain OSHA Compliance

    Collect relevant incident data, analyze trends, and generate accurate regulatory reports, including OSHA 300, 300A, and 301 logs, through IndustrySafe’s extensive incident reporting and investigation module.

  • Industry Safe
comments powered by Disqus