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24 Nov 2011 07:00
Announcement by Ecclesiastical Insurance Office plc
In the announcement of our half yearly results on 24 August 2011, we referred to the earthquake catastrophe events occurring in New Zealand. As a consequence of those events, our subsidiary Ansvar Insurance Limited (New Zealand) has today made an announcement that it is ceasing to provide insurance cover effective 31 December 2011. Transitional arrangements are being offered to customers.
This is a result of the prohibitive cost of reinsurance following the devastating series of earthquakes in Canterbury in 2010 and 2011.
The total cost of claims for Ansvar Insurance Limited (New Zealand) in relation to the Canterbury earthquakes continues to evolve. Due to the complexity of events it will take some considerable time for the final level to be established. A claims operation will be maintained in New Zealand to manage the earthquake losses.
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