Earthquake Recovery Minister Gerry Brownlee says the prospects for reinsurance companies continuing to work in Christchurch are far from bleak, but the continuing earthquakes rule out any certainty.
The Christchurch City and Waimakariri District councils are without earthquake cover for about $2.8 billion of assets, including buildings and sewerage systems, because no company will insure them.
Gerry Brownlee, along with experts from organizations like GNS Science, is in Europe to try to ensure big reinsurers don't withdraw from the country altogether.
Mr Brownlee says they are all being cautious because it remains unclear how long the earthquake event is going to last.
He says the companies are indicating reinsurance premiums might double, though that would not double people's premiums because reinsurance makes up about 20% of the premium's value.
