Steep insurance rate hikes hit businesses

The Wellington Chamber of Commerce in New Zealand said that insurance rates for commercial properties have increased up to 220% over four years after insurers introduced risk-based pricing, NZ Herald reported. Tim Grafton, chief executive of New Zealand's Insurance Council, said that insurers have increased rates for properties in earthquake prone-regions and urged the government to change building standards and implement seismic devices to reduce risk of total insured loss.

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