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Bulletin: Christchurch Earthquake Will Worsen Insurance Earnings, But Capital And Reinsurance Remain Rating Strengths Feb 11
Standard & Poors, Feb 2011
Abstract
MELBOURNE (Standard & Poor's) Feb. 23, 2011--Standard & Poor's Ratings Services said today that yesterday's Christchurch earthquake places further downward pressure on the earnings of the general insurers in New Zealand, but the capital strength and extensive reinsurance protection of major general insurers would limit negative rating pressure at this stage. The scale of the event in terms of loss of life and damage to property in a significant urbanized centre-Christchurch is New Zealand's second-largest city-is unprecedented for the region in recent times. While still very early to accurately assess, we would expect the insurance loss to far exceed that of the September 2010 Christchurch earthquake, which currently stands at around NZ$5 billion, and add to the general insurers' recent...
Companies mentioned in this report are: Insurance Australia Ltd.,IAG New Zealand Ltd.,Earthquake Commission,Vero Insurance New Zealand Ltd.,Insurance Australia Group Ltd.,Suncorp Group Ltd.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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