Lower Hutt resident Gary Paddison says he found insurance giant IAG a "nightmare" to deal with over his claim from the Kaikoura earthquakes. Insurance broker Stewart Rankin of Amicus said insurers were reassessing Wellington because of the recent earthquakes and how it fitted their risk and exposure in New Zealand. "The insurance market is also cyclical and a rise in premium prices creates renewed interest from overseas reinsurers who will see greater opportunity eventually," Rankin said. "A lot of people are getting access to to overseas insurers through their brokers. Insurance Brokers of New Zealand chief executive, Gary Young, said insurers were looking more closely at their exposure to Wellington.

Source: Stuff March 14, 2019 04:28 UTC