Tag: New Zealand earthquake

Earthquake Court promised by New Zealand government for ongoing insurance claims

H. Cutner
Christchurch New Zealand Insurance earthquake court

The Labour led federal gov is hoping that this step will speed up the process for unresolved cases. The government of New Zealand is now working to create an Earthquake Court that will be meant specifically for making it possible to bring some resolution to the insurance claims in the country that remain outstanding after the massive quakes shook many parts of the country, including Christchurch. The government has also committed a certain amount of funding for a portion of the total repair bill. The Earthquake Court and the funding…

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M6.2 Earthquake Strikes New Zealand’s North Island: AIR

Guest Author
oklahoma earthquake insurance industry

BOSTON, Jan. 20, 2014 – According to catastrophe modeling firm AIR Worldwide, at 9:52 p.m. Eastern Time, on January 19 (3:52 p.m., local time, January 20), a magnitude 6.2 earthquake struck New Zealand’s North Island. The epicenter was located 111 km (69 miles) northeast of Wellington, New Zealand’s capital city and second most populous area, and 34 km (21 miles) south-southeast of Palmerston and 37 km (23 miles) north-northeast of Masterson. Strong shaking was felt in the vicinity of both Palmerston and Masterson. The quake struck at a depth of…

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Earthquake Strikes Offshore of Wellington, New Zealand: AIR Worldwide

Guest Author
Earthquake Insurance

BOSTON, July 22, 2013 – According to catastrophe modeling firm AIR Worldwide, On July 21, 2013, at 17:09 local time (05:09, UTC), an M6.5 earthquake struck New Zealand’s Cook Strait, 54 km SSW of the capital city of Wellington, at a depth of 14 km. According to officials, there was no risk of a tsunami. Shaking, which lasted a full minute, was felt as far away as Auckland, which lies 640 km north of Wellington. Due to New Zealand’s stringent building codes and the moderate magnitude of the event, AIR does not…

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Obama signs relief bill for hurricane Sandy but that’s just the start

Nordstrom
US Congress Hurricane Sandy Relief Plan

Hurricane Sandy Aid – congress to vote on more funds The $9.7 billion flood relief bill for insurance claims was signed into law by Pres. Obama while House waits to vote on a larger Sandy relief deal worth up to $51 billion. Pressure from FEMA The Federal Emergency Management Agency (FEMA) had pushed for Sandy relief, stating that without addition funding they money to help will quickly run out. The White House reports that over 100,000 claims could not be paid out without more funding from Congress. John Boehner, Speaker…

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Insurance woes spark fires in New Zealand

Nordstrom
Christchurch New Zealand Insurance earthquake court

Christchurch the home of rising insurance fraud New Zealand’s Christchurch continues to wrangle with ongoing insurance troubles amidst persistent aftershocks stemming from a major earthquake disaster in late 2010. The quake caused extensive damage throughout the Christchurch region and caused a large exodus of many of the country’s insurance providers. This flight of insurers left much of the region without insurance, which led to various government initiatives aimed at providing some amount of stability to those that still lived in the area. Now, however, a new trend has emerged within…

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Canterbury, New Zealand faces homeowners insurance hikes following earthquakes

H. Cutner

Homeowners in Canterbury, New Zealand are facing aftershocks of a financial kind, following the earthquake that struck the area, as the areas insurers hike the rates by up to 30 percent. Insurance companies were slammed by claims for damage from the quake, and by fees from international reinsurers. These insurers say that they are working hard to balance the tremendous costs against their dedication to keeping prices as affordable as possible. However, the most recent renewals for policies, where the terms begin February 1 or afterward, will also include an…

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Insurance claims hit record highs in 2011 due to natural disasters

According to Munich Re, earthquakes and other natural disasters in 2011 led to record losses in the insurance industry, which are estimated to have reached $105 billion. The world’s largest reinsurer said that the earthquakes in Japan, and the tsunami that followed, contributed to those totals by adding nearly 16,000 deaths and estimated $35 to $40 billion in damages to the final figures. Munich Re added that the February quake in Christchurch, New Zealand, alone was responsible for another $13 billion in insured damages. Together those two earthquakes caused almost…

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