13 Mar 2019

Insurer 'overexposed' in Wellington - Justin Lester

From Morning Report, 8:10 am on 13 March 2019

The government is promising house owners in Wellington they won't be left on their own if insurance companies abandon the region.

Earthquake Minister Megan Woods says IAG - the parent company of insurance brands State, AMI and NZI - has told government officials it is no longer offering home insurance to new customers.

Wellington Mayor Justin Lester tells Guyon Espiner because IAG has about 50 percent of the Wellington market, it's overexposed, and is making a rational market response.