Ansvar Insurance is planning to manage a phased exit from the New Zealand market as a result of the prohibitive cost of reinsurance following the series of earthquakes in Canterbury in 2010 and 2011.
The company is planning to to cease providing insurance cover in New Zealand.
In September 2011, Ansvar Insurance has revealed that it would cease writing earthquake cover in New Zealand.
Ansvar Insurance said that the existing customers’ policies will be cancelled on 31 December 2011, but will be able to get interim cover through Ansvar Australia while they find a new insurer.
Ansvar CEO Andrew Moon said they greatly regret having to make this decision. They are very aware that this will be stressful news for their customers – in particular those in Canterbury. Their primary focus will be to help their customers through these unprecedented times so they can move forward with their families and communities.
"We will continue to work closely with them to recover from these earthquakes, to manage their claims, and to find alternative insurance options," added Moon.