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Member, Beacon International Group, Ltd.
Swiss Re Ltd. has said that New Zealand government should amend the Earthquake Commission Act before insurers are forced to pay a premium for the uncertainty caused by a delay in legislative review, Interest.co.nz reported. "If either the reinsurance market cycle were to turn or if there were to be another large event without there having been any real rectification of the structural issues that are causing challenges at the moment, then that could put New Zealand, from a reinsurance capacity perspective, in quite a difficult position," said a Swiss Re official.