Quakes force Ansvar Insurance to quit NZ

7:31 am on 25 November 2011

The series of devastating earthquakes in Christchurch has forced Ansvar Insurance to quit New Zealand, saying the cost of reinsurance has become prohibitive.

Ansvar, which has about 2100 commercial customers and nearly 9000 domestic customers, will cancel policies at the end of the year.

The company says the total cost of quake claims remains unknown, but in September it reported it was more than $700 million.