China Taiping Insurance halts new cover in quake-prone Wellington, Canterbury

Thu, 31 May 2012

By Paul McBeth May 31 (BusinessDesk) - China Taiping Insurance (NZ), the local unit of the Hong Kong exchange-listed insurer, has told brokers it won't underwrite any new business in Wellington or Canterbury as it clamps down on its criteria at the behest of reinsurers. The insurer will "further tighten up the underwriting on our business" at the request of reinsurers, releasing a list of new guidelines for all new and renewed business, chief operating officer Peter Lam said in a letter to brokers. The new guidelines will apply to all polici...

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