Vero NZ South Island Branch Manager Bryan Noonan has reportedly told local business owners reinsurers have “just about had enough” of Canterbury.

Christchurch newspaper The Press last week reported Mr Noonan’s comments to a meeting of owners of small businesses.

It says he told the group there is a risk of reinsurers withdrawing from the Canterbury earthquake market if faced with any further increases in exposure.

He also suggested there is a need to put a stop on almost all rebuilding in Christchurch until the ground settles for Vero to be able to ensure customers aren’t left without earthquake cover.

However, a Vero NZ spokesman says Mr Noonan’s comments were taken out of context.

“He was… not aware that a journalist was in the room or that he would be quoted in the local newspaper,” she told insuranceNEWS.com.au.