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Wellington calls for intervention after insurance rates surge

Christchurch Cathedral in ruins after 2011 earthquake

The Wellington City Council has urged the New Zealand government to intervene after property insurance rates have surged more than 220% over the past four years amid increasing catastrophe risks, reported. Wendy Booth, an insurance task force official, urged the government to increase competition in the insurance industry as four major players account for 85% of the New Zealand market.

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