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Property insurance market expected to harden further

Posted On: Apr. 13, 2023 9:48 AM CST

According to Aon New Zealand Ltd., property insurance premiums in the country are expected to further harden this year as a result of the combined impacts of the Auckland floods and Cyclone Gabrielle that left local insurers with significant losses, Asia Insurance Review reported. Property insurance pricing was expected to increase by approximately 10% before these events occurred, however, one major insurer announced a 20% increase in overall premiums following the events.