While the major reinsurers have been relatively quiet about the possible impact of the latest string of catastrophes in Australia, the NZ insurance industry is already braced for substantial change after last week’s Christchurch quake.

Insurance Council of NZ (ICNZ) CEO Chris Ryan told insuranceNEWS.com.au this latest catastrophe could be a “game-changer” for reinsurance.

He says the risks facing both Australia and NZ have “flown under the radar for the past decade or so. But we’re now coming to the forefront of their attention following a horror start to the year.

“Reinsurers cover a lot of the cost [of the Australia and NZ events], and it’s going to be a large amount and it’s only reasonable for them to reassess their risk,” Mr Ryan said.

“I have no doubt reinsurers will be having a look at NZ’s risk profile with new eyes.”

The two major reinsurers, Swiss Re and Munich Re, told insuranceNEWS.com.au it’s too early to speculate what might happen to rates.

But Swiss Re’s Asia MD and Chief Property Underwriter Mike Mitchell says he expects there would be an impact on the insurance industry from the reinsurance market, which “will become apparent in the upcoming renewals”.

Vero NZ CEO Roger Bell told the Suncorp half-year result briefing last week that until September his company had never made a claim on its catastrophe reinsurance program.

“That’s not to say we weren’t conscious of earthquake exposures, but NZ has had a good run – which all changed on September 4,” he said.