The Insurance Council is warning of a big industry shake-up, as two new reports put Christchurch's devastating earthquake in a global context.

Business interruption has been identified as the biggest insurance problem for firms following the February earthquakes in 2011.

Turners Auctions has posted a 22% increase in full-year profit, defying a current tough automotive market.

The government considers raising employers' ACC levies just months after they were cut in October last year.