Wellington quake unlikely to feed higher reinsurance costs, insurers say

Tue, 23 Jul 2013

By Paul McBeth July 24 (BusinessDesk) - The limited level of damage sustained by Wellington in the 6.5 magnitude earthquake on Sunday is unlikely to result in higher reinsurance costs, according to local insurers. The swarm of quakes over the past five days damaged just 35 buildings in the capital city, most of it minor, meaning Wellington corporates and the public sector could get back to business yesterday. Because of the limited damage, insurers don’t expect global reinsurers to lift their prices in the same way they did after the Canter...

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