Reinsurers not looking to exit New Zealand market despite spate of catastrophes: S&P

A report by U.S.-based S&P Global Ratings Inc. found that reinsurers are not looking to exit the New Zealand market despite a spate of earthquakes, floods and cyclones due to a strong local economy and modest increase in insurance premium, Interest.co.nz reported. “We believe New Zealand’s property/casualty market will continue to post solid underlying results over the next year underpinned by a sound economy, which should support good premium growth at the retail level, and some degree of further upward movement in prices for commercial lines of business,” the report said.
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