Insurance freeze post Quake
In the initial days following the 7.8 Kaikoura Earthquake, Insurers across our market have now placed insurance policy freezes or 'embargoes' on any new policies or requests for higher levels of cover. Many parts of the upper south island to lower and central North Island regions are included. The geographic range does vary from Insurer to Insurer.
As reported on Stuff.co.nz Insurance Council chief executive Tim Grafton confirmed the freeze, which he said was usual practice after a major event as insurers sought to minimise risks.
"The reason for insurers to be cautious is to minimise additional losses in order to meet reinsurers needs and keep insurance affordable for all."
Talk to your Broker at aibGROUP Insurance Ltd
If you are unsure as to how your specific business, property or circumstances might be effected by the Earthquake then please let us know.
If you have a potential ‘sale or purchase’ of assets due within the next 6 months then please also talk to us about managing the insurance aspects of that transaction.