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EQC inquiry hears from insurers, consumers

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New Zealand’s Earthquake Commission public inquiry is engaging with insurers to discuss the future of the private market and how insurers can scale up to meet natural disaster costs.

Inquiry head Silvia Cartwright met rural insurer FMG and IAG last month, with “recent changes” in the insurance market and implications for homeowners also on the agenda.

Insurance affordability has been in the spotlight since Wellington Mayor Justin Lester demanded a public forum on IAG’s decision to lift premiums for some residents due to rising earthquake risk and costs. The forum was held last month.

The inquiry has held a series of public forums to hear consumer experiences, with the last to take place this week.