Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Credit Suisse fund sees insurance losses ‘well below’ US$1B

Credit Suisse fund sees insurance losses ‘well below’ US$1 bln from Wellington quake

July 24 (BusinessDesk) - The 6.5-magnitude earthquake in Cook Strait last Sunday isn’t expected to lead to big insurance losses, which global financial services firm Credit Suisse expecting it to come in below US$1 billion.

Credit Suisse has told investors in its insurance-linked strategies fund, CS IRIS Low Volatility Plus Fund, that the quake was further away from dense populations and lacked the ground acceleration of the 2011 Canterbury quake, according to fund investor DCG IRIS, a unit of financial services firm Dexion Capital.

“Given these factors we expect significantly smaller insured losses from this event compared to the New Zealand earthquakes from 2010 and 2011,” DCG IRIS said in a note. “Current estimates of insured losses are well below $1 billion and based on these estimates we do not expect any impact on the IRIS Low Volatility Plus Fund.”

Just 35 buildings in New Zealand’s capital city have sustained damage from the Sunday quake, most of which is seen as largely minor, according to Mayor Celia Wade-Brown.

Some local insurers have stopped writing new business in the Wellington and Marlborough regions in response to the quakes, though they don’t anticipate the event will lead to global reinsurers hiking premiums because of the limited damage.

The Dexion unit had net assets of 60.18 million pounds as at May 31, and 4 percent of its investments were exposed to Australasian earthquakes.

July 1 was the renewal of several programmes in Australia and New Zealand, which Dexion said in its May update were under review and that the investment team was looking for opportunities in the region.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Approval: Air New Zealand And Air China Launch New Alliance Route

Air New Zealand and Air China have today launched joint sales for a new daily direct service between Auckland and Beijing after receiving approval from New Zealand Minister of Transport Hon Simon Bridges to form a strategic alliance. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news