EQC reinsurance costs treble, leaving Crown vulnerable in big event

Wed, 05 Dec 2012

By Paul McBeth Dec. 5 (BusinessDesk) - The Earthquake Commission's reinsurance premiums have more than tripled since the Christchurch earthquakes, leaving the Crown vulnerable to a big bill if the country's hit by another major event. The government-backed natural disaster insurer is paying annual reinsurance premiums of $140 million, up from about $39 million before the spate of Canterbury quakes. Premiums now have to be reviewed annually as opposed to every three years, chairman Michael Wintringham told Parliament's finance and expenditure...

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