Vero wants working party on quake insurance

8:35 am on 17 November 2011

The head of insurance company Vero is calling for a working party to look into earthquake insurance.

Its New Zealand chief executive Gary Dransfield says the insurance, banking and construction industries should join Government and regulator representatives to discuss the issue.

He says one option could be giving the Earthquake Commission more involvement in providing insurance support for commercial properties, as it did in the past.

Mr Dransfield says the commission could also act as an aggregated buyer of reinsurance for local underwriters.

Vero is managing earthquake claims worth more than $3 billion and has paid out more than $500 million.