NZ faces mass withdrawal as earthquake claims stack up – Insurance News Now
Post reporter Callum Brodie outlines this week's major general insurance stories including the possibility that insurers and reinsurers could stop providing earthquake cover in New Zealand altogether, forcing its government to handle claims.
Zurich New Zealand has followed Ecclesiastical by announcing it will no longer write new quake cover in certain areas of the country, as Deloitte predicts reinsurers could well pull out too.
In other news, law firm Beachcroft has warned that insurers are so focused on personal injury fraud they are missing large-scale credit hire fraud; Axa Assistance has launched its own home emergency service, spurred on by the demise of Rok Insurance Services; and former Biba boss Peter Staddon has vowed to make Devitt "a force to be reckoned with" after joining as personal lines executive director.
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