Kaikoura earthquake could cost New Zealand's insurers NZ$5bn

kaikoura-new-zealand

Although RBNZ said it was too early to assess the full impact of the earthquake, it said upper estimates of the overall costs are NZ$9bn; initial estimates suggest the government is expected to pay between NZ$2bn and NZ$3bn. The bank, in its latest financial stability report, has given reassurances the the government can readily afford the costs and that insurers have sufficient capital to cope with claims. Modeling firm AIR Worldwide has estimated the magnitude 7.8 earthquake, which caused 2