Insurers are evaluating their portfolios against losses of up to $12 billion from New Zealand’s Christchurch earthquake. The earthquake, now being estimated by the Insurance Information Institute rankings as the seventh-most costly natural disasters for insurers since 1970, and is the worst in 80 years to hit New Zealand, notes JP Morgan Chase.
Insurance Australia Group, Australia's leading home and car insurer, said in a statement that it is exposed to a maximum of U.S.$53.5 million (A$40 million—$40.4 million—$1 = 0.991 Australian Dollars) in claims stemming from the earthquake. The insurer cut its forecast insurance margin for this year to 8% to 10%.
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