Zurich has advised New Zealand brokers that it will no longer write new earthquake business in most of the country, including Wellington.

The company is restricting cover until further notice following the Christchurch earthquakes. It will no longer write earthquake cover in areas outside of Auckland, Northland and Waikato.

A company spokesman in Sydney declined to confirm or deny the decision, which is detailed in a letter to brokers by Zurich NZ GM Adrian Riminton.

“Like all insurers we’re somewhat in a holding pattern to see what announcements, policies, zoning and earthquake activity might take place over the next few months,” she told insuranceNEWS.com.au.

“We are committed to the Canterbury [region] for the remainder of 2011 and are currently reviewing our stance for 2012. We’re all in a ‘watch and wait’ state at the moment.”

Mr Riminton says Zurich will review any request for renewal or increase in value on a “no expectations” basis.

The move comes just a month after Zurich reconfirmed its commitment to the New Zealand market.