Ansvar Insurance quits NZ market
Exit is the result of the "prohibitive cost of reinsurance" following the Christchurch earthquakes.
Ansvar Insurance is quitting the New Zealand market due to the prohibitive cost of reinsurance following the earthquakes in Canterbury in 2010 and 2011.
In September, the company said it would stop writing earthquake cover in New Zealand.
Now, customers will be notified thatall existing policies will be cancelled on 31 December 2011 unless other options are confirmed.
All customers will be provided with an opportunity to take up temporary cover, excluding earthquake (natural disasters) cover, from Ansvar Australia. This will also be effective from 31 December. This is intended as an interim measure to provide customers with sufficient time to find alternative insurance. The expiry date of the temporary cover will be the same expiry date in customers’ current Ansvar New Zealand policies.
Ansvar said its total cost of claims for the earthquakes remains unknown.
Ansvar Chief Executive Andrew Moon said: “We greatly regret having to make this decision. We are very aware that this will be stressful news for our customers – in particular those in Canterbury."
NBR staff
Fri, 25 Nov 2011
Fri, 25 Nov 2011
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Ansvar Insurance quits NZ market
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