New Zealand Earthquake Commission secures $7.2 billion for reinsurance

The New Zealand Earthquake Commission (EQC) secured a record $7.2 billion in reinsurance in the international market, an increase of nearly $470 million.

Building on the previous year’s successful renovation, this means that EQC has advanced its program by $1.2 billion over the past two years to support New Zealand homeowners to obtain affordable home insurance.

Tina Mitchell, CEO of EQC, said: “We are grateful for the continued support of our long-standing reinsurance partners, particularly as reinsurance markets have grown significantly more robust over the past few months. We are extremely pleased to be able to secure this level of reinsurance for New Zealand homeowners.”

Mitchell says the international reinsurance market has solidified in response to significant losses over the past five years from floods, storms and catastrophic wildfires, and is also dealing with additional global pressures from the COVID pandemic and the war in Ukraine.

She added, “In our discussions with reinsurers, it became clear that all of these factors influenced their appetite to provide property insurance in the event of natural disasters. The EQC model is unique in the world, and even in those challenging circumstances, it continues to be well supported by companies Global Insurance.

While the government will double the EQC cap from $150,000 to $300,000 on October 1, Mitchell clarifies that doesn’t mean reinsurance will double either.

“The vast majority of projected EQC claims are within the original cap, so any increase would support the expected small number of homes with more than $150,000 in damage.”

Mitchell says the EQC will continue to look for opportunities to grow the reinsurance program as this represents good value for homeowners.

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos