Premiums expected to go up for the next year or two due to payouts for the Canterbury Earthquake
The Insurance Council says the total claims payout this year is likely to be around $5 billion; $3 billion of that is due to the Canterbury earthquake.
Chief executive, Chris Ryan, says when there is an event that size, it will probably lead to an increase in premiums over next 12 to 24 months.
Chris Ryan says so far he hasn’t come across anyone who missed the deadline of putting in their earthquake claim.
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