Freeze on new in­sur­ance poli­cies

Fiji Sun - - World News - Jy­otip@fi­

Wellington: New Zealand’s largest in­sur­ance com­pany has put a freeze on new home in­sur­ance poli­cies as it as­sesses the im­pact of the earth­quakes. IAG, which owns State, AMI and Di­rect In­sur­ance said it would only in­sure prop­er­ties that were al­ready in­sured by the com­pany for the ex­ist­ing sum.

“If we in­sure the prop­erty al­ready and the new owner is will­ing to trans­fer that in­sur­ance to us then we will stay on-risk for that prop­erty,” IAG ex­ec­u­tive man­ager Dean Mac­Gre­gor said. “What we are not do­ing is in­creas­ing the num­ber of prop­er­ties or the sum in­sured on any prop­erty we in­sure,” he said. The tem­po­rary freeze was a pru­dent step to en­sure the vi­a­bil­ity of the in­sur­ance sec­tor and would be re­assessed ev­ery 24 hours, Mr Mac­Gre­gor said. Tall Poppy Real Es­tate gen­eral man­ager Sam McIn­tyre said the freeze had caught many of his clients who were in the mid­dle of sell­ing or buy­ing a prop­erty. Some banks were also re­quir­ing prop­erty buy­ers to ob­tain new build­ing re­ports be­fore their trans­ac­tion could be com­pleted, he said. RNZI

Earth­quake dam­age at the Wa­iau Ho­tel.

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