The way your house is insured is changing. "Develops" as regards her insurance.
The sequence of earthquakes in Christchurch in the past 15 months has resulted in significantly altered the perception of New Zealand in the eyes of a huge offshore reinsurance companies, insurance companies that underwrite our natural catastrophe losses that can not handle alone.
Once perceived as a country with a low risk of collateral, and instead diversify risk outside of North and South America, Europe and Asia, New Zealand and floods, fires and hail troubled neighboring Australia is now perceived very differently.
A cocktail in Wellington in the last few weeks doing nothing to settle nerves reinsurers.
Most of the comments to the changed perception of the reinsurers of these islands have focused on price, but the premium increases are not the only change in policy Kiwi households will face. Already, some changes occur.
Insurers are wrestling with the difficult task of rebuilding their profitability, while paying higher costs of securing and maintaining their products available to homeowners.
This means that even if the premium increases - some of Vero Insurance house insurance has been an average of 12 percent rises already this year - the extent of insurance coverage for Kiwi households will reduce and they will have to bear more risk themselves.
Kiwi annual premium paid for the house and home insurance reached $ 933.5 million since the end of September 2010. In the year to end of September 2011 (all figures are not yet as insurers were too busy dealing with earthquake claims), Chris Ryan from the Insurance Council expects that the premium could well top $ 1 billion for the first time.
Ryan says that New Zealand house insurance is relatively unusual in that the replacement housing typically open-ended.
Whatever it costs to replace the house, the insurer even in situations where the "growth in demand inflation" forcing the price of rebuilding.
Ryan believes that it can continue, and there are signs that he is right.
Vero, which insures the beginning of the year than other insurance companies - that is, can always be "first cab from the position" when it comes to the political changes - moved in early November to limit its replacement cover for house insurance policy $ 2000sqm.
Others acknowledge their policies are likely to change too, but yet, he said.
Big rival Vero, IAG, recognizing that politics is beginning to develop, but would not have to track these changes will follow. In a statement, he said, "is that a lot of lessons from the Canterbury earthquake, and we want to ensure that all decisions are made on the basis, including any changes to how our policies are structured, they are carefully thought out, justified and necessary . "
Peter Bloy from Vero says it is more than enough for most homes, and those with architecturally elaborate houses may ask for a higher surplus, but will have to pay extra premium for it.
Reinsurers, shocked by the rising cost of claims, they want more certainty, liabilities, and the pressure seems to see New Zealand take the political restrictions more in line with other jurisdictions.
Bloy said that if the New Zealand insurance companies that allow insurers to be sure that we pay for it too.
"If there is significant uncertainty, they think in terms of the risk premium for this uncertainty," said Bloy.
It is possible that policies that allow families to suggest the maximum payout from the insurer.
Some in industry believe that future policy may limit the scope of certain natural disasters.
Bloy said in some parts of the world, as well as areas in the U.S. and Japan, homeowners have full coverage of events such as fires, but the decrease in area for earthquakes, but New Zealand is unique in that the commission's earthquake fund, which reduces the pressure the insurance company to introduce restrictions.
"There is potential for some limited protection hazards such as earthquakes and floods, when insurers and reinsurers decide that they want limits on it," Ryan said.
Moves to Shift some risk of an earthquake back home are starting to appear on the edge.
In Christchurch, the giant insurance company Vero, hit with more than $ 3b debts canceled participation in swimming pools, spa pools, drains and pipes, garden walls, paths and driveways and tennis courts.
Some of this is understandable. To limit premium increases, it is likely, insurers and policyholders decide to insure less of what is in their possession. Swimming pool, for example, and not a stone wall, which keeps the noise from traffic can go uninsured, insured, or at least much higher surplus.
After all, making a roof over the head of a family matter rather than replacing irreversibly damaged pool.
Annual ceilings on the claim that insurance can be insured also likely to be common.
Shocking liquifaction in some parts of Christchurch has also resulted in insurance companies pay much more attention to what is under the houses.
A beginning of the end is already here commoditised insurance policy house where the owners are very very different houses in different places to pay the premiums quite similar.
Like many of the trends in insurance premiums caused an earthquake in Christchurch, this trend is in its infancy, but it will speed up, industry sources predict. Insurers invest big money in this area.
Longer term, some predict that in mind disappears in Christchurch, the costs to secure DIP again. Others are not so optimistic.
But policyholders have some control over the premiums themselves, and who decided to greater excesses.
Unusually, the majority of Kiwi household insurance policy excesses of a few hundred dollars. Anyone who decide to raise the low thousands will never be able to apply for a broken window again, but they would reduce their premiums dramatically.
Bloy said that the trend towards people choosing a higher deductible is not yet very significant, but expected to accelerate as other insurers gave their next tranche of security in place (unlike some reinsurance messages are not turning their backs on New Zealand). It could be the mechanism by which insurance companies retain customers and New Zealand sees the lack of advancement.
It would not be surprising, some say, for insurance companies to unilaterally raise their excesses as a means to reduce the premium increase.
But it does mean that Kiwi households will have to shoulder a greater risk of natural disasters themselves.
Article source:- http://www.stuff.co.nz/business/6157973/New-Zealands-insurance-landscape-rocked
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