Tower seeks $71m for shaky balance sheet
New Zealand insurer Tower believes it needs nearly $71million to help bolster its balance sheet following the announcement of another loss for the financial year.
Insurance
Insurance rated a 'luxury'
Insurance rated a 'luxury'
With natural disasters prompting home and contents insurance premiums to soar 30%, a third of policy holders now rate insurance as a ''luxury''.
Home insurance shift fraught
Home insurance shift fraught
The insurance industry's move this year from offering unlimited replacement cover on homes to sum-insured cover remains fraught for householders.
Failed insurer's S&P rating withdrawn
Failed insurer's S&P rating withdrawn
Failed Queenstown boutique insurer Western Pacific Insurance, which owes more than $65 million to unsecured creditors, has had its credit rating withdrawn for having been in liquidation for more than 13 months.
North Island storm costs soar
North Island storm costs soar
The cost of two storms which hammered parts of Wanganui and Taranaki has reached $6 million according to one major rural insurer, with that company alone handling more than 1250 claims.
Quake-related insurance hikes for Kiwi homeowners
Quake-related insurance hikes for Kiwi homeowners
The financial shocks of the Canterbury earthquakes are being felt by homeowners throughout New Zealand this month, with the arrival of insurance bills in the post showing average increases of up to 30 percent.
Profit warning prompts drop
Profit warning prompts drop
Australia's largest insurer, QBE Insurance Group, came off a trading halt on the ASX yesterday to issue a shock profit warning, prompting a hammering of its shares and wiping 20% off its value.
Big cost for university to insure
Big cost for university to insure
The University of Otago will incur a significant financial hit to insure its $2.3 billion worth of building and contents assets next year.
Lack of insurance stymies rebuilding plan
Lack of insurance stymies rebuilding plan
The first multilevel property planned for Christchurch's central-city red zone since the earthquakes is in doubt because of insurance problems.
Insurer to review premiums
Insurer to review premiums
Outspoken corporate advocate Bruce Sheppard has emerged as the champion of the elderly after Southern Cross was forced to announce an investigation of its premiums.
Insurance cover offered - quakes excluded
Insurance cover offered - quakes excluded
Dunedin has been offered insurance cover for the city's infrastructure assets - providing earthquakes are not included in the possible risks.
Catholic churches face premium rise
Catholic churches face premium rise
Dunedin's historic Catholic churches are next in line to face forecast rises in insurance premiums, which has been likened to a "tsunami about to hit".
Insurance offer before DCC staff
Insurance offer before DCC staff
The future of the Dunedin City Council's infrastructure insurance is back in the hands of council staff, who will decide whether high prices and strict criteria are worth the cover offered.
WDC's budget shaken
WDC's budget shaken
Insurance costs faced by the Waitaki District Council have taken a huge leap, but the rise will not affect ratepayers this financial year.
DCC plans self-cover
DCC plans self-cover
Insurance companies refusing to cover Dunedin's infrastructure because of post-earthquake fears about their own exposure are not turning down business.
Insurance renewals huge shock
Insurance renewals huge shock
Dunedin building owners face hikes of up to 300% in natural disaster insurance premiums, together with new excesses and even complete loss of cover, following the Christchurch earthquakes.
ORC premiums up 36%
ORC premiums up 36%
Otago Regional councillors are thankful the council has secured insurance given the circumstances after Christchurch's earthquakes.
No insurance cover for $1 billion of assets
No insurance cover for $1 billion of assets
More than $1 billion in underground infrastructure across Dunedin is without insurance against natural disasters, after international reinsurers baulked at the risk after the Christchurch earthquakes.
Cover expected to cost at least 300% more
Cover expected to cost at least 300% more
The Waitaki and Clutha District Councils will get insurance cover on their underground assets restored on Friday, but both are expecting to have to pay the insurer at least 300% more in premiums.
Western Pacific owes almost $6m
Western Pacific owes almost $6m
Boutique Queenstown insurance company Western Pacific Insurance Ltd - placed in receivership a fortnight ago - owes almost $6 million to creditors and in unsettled insurance claims.