Claims are still being settled, but Christchurch is well on the road to recovery and New Zealand remains attractive to insurers and reinsurers, Lloyd’s Head of Asia-Pacific and Asia MD Kent Chaplin says.

Lloyd’s incurred $US2 billion ($2.14 billion) in claims from the Canterbury quake series but remains among the earliest movers in accepting new risks, he told last week’s Insurance Council of New Zealand conference in Auckland.

New Zealand does not have the same potential for growth as emerging markets but remains attractive because of its modern economy, familiar legal system, favourable culture and diversification of risk, Mr Chaplin says.

The country can best position itself in the competition for capital by maintaining long-term relationships and trust, focusing on capital providers that are close to the insurance business and maintaining a robust but proportionate regulatory structure.

Reinsurers want to gain a better understanding of risk, Mr Chaplin told insuranceNEWS.com.au.

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