Saturday, July 23, 2011
Reinsurers nearly 'had enough' of Christchurch due to quakes, may pull coverage entirely
Canterbury could be deemed uninsurable as global reinsurers become increasingly alarmed by repeated quakes, a large insurer says.
Vero New Zealand South Island manager Bryan Noonan told Christchurch business owners last night that global reinsurers had "just about had enough" of Canterbury.
There was a risk that reinsurers would cut off earthquake cover completely for Canterbury if they faced increased exposure, he said.
"We have to do the right thing, otherwise it may well be that Canterbury and Christchurch end up without any earthquake cover capacity at all," he said.
Noonan said that could mean putting the brakes on almost all rebuilding in Christchurch "until the ground had settled".
"There has never been anything like this anywhere on the planet involving a city that has had such a huge number of aftershocks."
He cited a case where Vero had spent $400,000 repairing a building after the September 4 quake, only to spend another $100,000 after the Boxing Day quake.
The building was then further damaged in February and was eventually demolished after the June 13 shakes.
"We have to wait for these aftershocks to abate before we make those decisions.
"We have to be very careful because we are not managing our money, we are managing reinsurers and it's a pretty well known fact that the reinsurers have just about had enough." (more)
Vero New Zealand South Island manager Bryan Noonan told Christchurch business owners last night that global reinsurers had "just about had enough" of Canterbury.
There was a risk that reinsurers would cut off earthquake cover completely for Canterbury if they faced increased exposure, he said.
"We have to do the right thing, otherwise it may well be that Canterbury and Christchurch end up without any earthquake cover capacity at all," he said.
Noonan said that could mean putting the brakes on almost all rebuilding in Christchurch "until the ground had settled".
"There has never been anything like this anywhere on the planet involving a city that has had such a huge number of aftershocks."
He cited a case where Vero had spent $400,000 repairing a building after the September 4 quake, only to spend another $100,000 after the Boxing Day quake.
The building was then further damaged in February and was eventually demolished after the June 13 shakes.
"We have to wait for these aftershocks to abate before we make those decisions.
"We have to be very careful because we are not managing our money, we are managing reinsurers and it's a pretty well known fact that the reinsurers have just about had enough." (more)
4.9 Magnitude Earthquakes KEPULAUAN BARAT DAYA, INDONESIA - 23rd July 2011
A magnitude 4.9 earthquake has struck Kepulauan Barat Daya, Indonesia at a depth of 153 km ( 95.1 miles), the quake hit at 14:24:43 UTC Saturday 23rd July 2011.
The epicenter was 323 km ( 200 miles) West of Saumlaki, Kepulauan Tanimbar, Indonesia
No Tsunami alert Issued - No damage or injuries reported at the time
The epicenter was 323 km ( 200 miles) West of Saumlaki, Kepulauan Tanimbar, Indonesia
No Tsunami alert Issued - No damage or injuries reported at the time
Two 4,3 Magnitude Earthquakes hit Canterbury and Marlborough, New Zealand - 23rd July 2011
Reader Brought this to our attention:
Two shallow earthquakes measuring 4.3 on the Richter Scale struck the South Island today -- the first in Canterbury and the second in Marlborough.GNS Science said the Canterbury quake hit 20km south of Darfield at 7.45am at a depth of 11km, while the Marlborough quake struck 50km northeast of Hanmer Springs at 12.33pm at a depth of 12km.
Both earthquakes were likely to have been felt in their respective regions, GNS said.Source
4.3 Magnitude Earthquake - 07:45 am Saturday 23rd July 2011 at a depth of 11 km - 20 km South of Darfield
4.3 Magnitude Earthquake - 12:33 pm Saturday 23rd July 2011 at a depth of 12 km - 50 km Northeast of Hanmer Springs
Two shallow earthquakes measuring 4.3 on the Richter Scale struck the South Island today -- the first in Canterbury and the second in Marlborough.GNS Science said the Canterbury quake hit 20km south of Darfield at 7.45am at a depth of 11km, while the Marlborough quake struck 50km northeast of Hanmer Springs at 12.33pm at a depth of 12km.
Both earthquakes were likely to have been felt in their respective regions, GNS said.Source
4.3 Magnitude Earthquake - 07:45 am Saturday 23rd July 2011 at a depth of 11 km - 20 km South of Darfield
4.3 Magnitude Earthquake - 12:33 pm Saturday 23rd July 2011 at a depth of 12 km - 50 km Northeast of Hanmer Springs
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