Church insurer Ansvar Insurance, which has insured 75 percent of New Zealand churches, is planning to manage a phased exit from the New Zealand market as a result of the prohibitive cost of reinsurance following the series of earthquakes in Canterbury in 2010 and 2011.
In September 2011, Ansvar Insurance has revealed that it would cease writing earthquake cover in New Zealand. Now it has announced that the existing customers’ policies will be cancelled on 31 December 2011, but they will be able to get interim cover through Ansvar Australia while they find a new insurer.
The chairman of the Anglican Insurance Board, Don Baskerville, describes today’s announcement as “most inconvenient.”
“Times are trying. But not desperate.”
He says Ansvar Australia will partially fill the gap.
Source