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Member, Beacon International Group, Ltd.
The New Zealand government's still unfinished review of its Earthquake Commission policy and funding structures has left global reinsurers with uncertainty about underwriting quake risk in the country,
The National Business Review reported. Swiss Re Ltd.'s Mike Mitchell said the delay in completion has led to a lot of uncertainty. Mr. Mitchell said the "mechanism between the value of risk, the claim being presented, and the check you write at the end – there's fundamental challenges that we faced in New Zealand" that make it difficult to have underwriting certainty.