IAG NZ has reinstated standard underwriting for home and contents insurance in the outer Canterbury region.

The insurer’s State, NZI and Lantern brands halted new insurance cover in the region following the first earthquake.

From October 12 2011, the Hurunui and Ashburton regions in outer Canterbury are back on standard underwriting conditions for all insurance.

The inner Canterbury districts of Christchurch City, Selwyn and Waimakariri are on normal criteria for new private vehicle and pleasurecraft insurance, but not on standard criteria for new home and contents policies.

IAG NZ CEO Jacki Johnson told insuranceNEWS.com.au that there is one exception. IAG will write new contents-only policies in both inner and outer Canterbury regions for labourers coming into the area to help with the rebuild.

Commercial property insurance in outer Canterbury is being considered on a case-by-case basis and the view is that it will remain that way.

Much commercial property in the inner Canterbury region is in the process of demolition and standard underwriting is unlikely to be reinstated in the near future.

“With 8300 aftershocks since the first earthquakes, we are reviewing the risks weekly,” Ms Johnson said.