Quake tremors hit insurance stocks
Insurance stocks were the worst hit as tremors from the Christchurch quake extended to the stock exchange today, despite confidence re-insurance covenants would cover the cost of claims. New Zealand’s largest listed general insurer, Tower, recorded the largest decline, with shares last trading at $1.84, down 7c from Friday’s close. Early in the trading session, Tower went as low as...
Read MoreInsurance premiums certain to rise
The Insurance Council says premiums will rise as a result of the huge cost of the Christchurch earthquake. The Treasury estimates the damage at $4 billion, and it is thought about half of that will be paid by private insurers. The chief executive of the Insurance Council, Chris Ryan, says it is impossible to tell by how much people’s insurance costs will increase. He says a relatively small...
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