Wellington sets up task force to manage insurance rate hikes

Wellington in New Zealand is setting up a task force to deal with recent property insurance rate hikes, which have increased rents for businesses in the city, Asia Insurance Review reported. John Milford, chief executive of the Wellington Chamber of Commerce, said that property insurance premiums have increased in Wellington after the 2010 Canterbury earthquakes and the 2016 Kaikoura quake and again after insurers recently adopted risk-based pricing.

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