Delegation to address insurance issues

Canterbury Earthquake Recovery Minister Gerry Brownlee will next month lead a government delegation to meet insurers, re-insurers and insurance underwriters in Europe.

Mr Brownlee will take officials from the Treasury, the Canterbury Earthquake Recovery Authority (CERA), GNS Science and the Department of Building and Housing (DBH) to meetings with the world's major insurance decision makers.

"We fully understand insurers’ reticence to write new cover during what is an ongoing, albeit decreasing, seismic event.

"But we also believe the manner and pace of the recovery makes a strong case for insurers to confidently re-enter the Canterbury market while continuing to offer comprehensive coverage to the rest of New Zealand.

"The best place to do that is face-to-face with the people who make the decisions," Mr Brownlee said.

The Minister’s delegation will address senior Lloyds underwriters and syndicate heads in London before attending the 54th annual ‘Monte Carlo Rendez-Vous de Septembre’ on 10-15 September, which hosts the major players in the world re-insurance markets.

Mr Brownlee has been invited to give a presentation at the conference on the Canterbury and Christchurch earthquakes and will also hold bilateral talks with several major reinsurers including Swiss Re, Gen Re, Munich Re and Renaissance.

The theme of this year's conference is 'Japan, Australia and New Zealand – Implications for the insurance market. Time to change the way we look at risks?'. Mr Brownlee has been invited to take part in a panel discussion on the topic which will be chaired by Munich Re director Torsten Jeworrek.

"As premiums escalate across the country we need to engage with the insurance market so they have an accurate and informed view of risk.

"Proper insurance cover is vital for the smooth functioning of the New Zealand economy," Mr Brownlee said.

The Canterbury Earthquake Recovery Authority (CERA) is responsible for rebuilding greater Christchurch and its surrounds, and supporting the welfare of its residents. For more information visit www.cera.govt.nz