Insurance who should I call?

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Postby FST4RD » Thu Apr 07, 2011 7:30 pm

Problem is that I don't think anyone was ready for the earthquake, let alone the second one.
EQC had enough money, however they were well under prepared as far as staff numbers, training etc...
They were saying on the news that AMI had 950mil sitting there, which is a fair bit. I guess they thought that that would be enough at the end of the day.
1983 Mitsubishi Starion
1995 Subaru legacy GT SW

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Postby BZG Wagon » Thu Apr 07, 2011 8:30 pm

AMI also had 30% market share in Chch, as well as a high proportion of their overall exposure in Chch.

AMI are also New Zealand Owned; so they don't have massive balance sheets to support them like the parent companies IAG / NZI / State (all owned by IAG australia), Vero / AMI (again; same company), and Lumley, etc.

It's not a bailout either - it's a temporary facility which AMI are paying $15m for.
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