Insurance premiums
Audio, Radio New Zealand
How much are insurance premiums going to increase by after the Christchurch earthquakes?
How much are insurance premiums going to increase by after the Christchurch earthquakes?
Insurance premiums look set to rise by up to a third and even more to meet the cost of the Christchurch earthquakes and other disasters overseas.
A man representing New Zealand reads a newspaper whose headline is ''Quake may cost insurance co's up to $16B'. Above him is an enormous mosquito that represents 'increased premiums' and that is about to suck the blood out of him; it casts a huge menacing shadow in which the man stands. Context - Insurance companies have experienced massive losses after the Canterbury earthquake. This may ultimately result in higher premiums as insurance companies try to recoup from their loss. According to Chris Ryan, Insurance Council chief executive, "The quake would probably result in foreign reinsurance companies increasing the premiums they charged local insurers." (Stuff 9 Sep 2010) Quantity: 1 digital cartoon(s).
The insurance industry says overseas insurers have become wary of New Zealand after Monday's earthquakes in Christchurch and higher premiums across the country are now almost inevitable.
Commercial property owners are facing not just higher insurance premiums following the Christchurch earthquakes, but also the prospect of much higher excesses.