John Key thanks Lloyd's market for earthquake support

  • 31/10/2015
John Key thanks Lloyd's market for earthquake support

Prime Minister John Key has visited the London-based insurance market Lloyd's to thank it for supporting Christchurch after the devastating earthquakes.

Mr Key is in London for the Rugby World Cup final but he grew up in Christchurch and worked in London's financial district before entering politics.

On a visit to the world's specialist insurance market on Friday (UK time), he had a tour of the famous Lloyd's underwriting room and met brokers and underwriters.

He thanked the underwriters for supporting New Zealand after the Christchurch earthquakes and updated them on the city's rebuilding.

Lloyd's chairman John Nelson said the insurance market had a long and proud history with New Zealand and provided insurance and reinsurance cover for some of the country's greatest assets, including the Earthquake Commission.

Following the Canterbury earthquakes in 2010 and 2011, Lloyd's has stood by New Zealand and Christchurch in supporting significant economic recovery though its reinsurance and insurance programs, he said.

The economic losses from the earthquakes are estimated at NZ$40 billion, and 59 percent of this is covered by insurance and reinsurance.

"I do strongly believe that Lloyd's played its part helping the New Zealand economy to recover in terms of the role it played in its reinsurance programmes," Mr Nelson said.

Mr Nelson said he had visited Christchurch himself to see the impact of the earthquakes.

"It was a devastating event. But the morale and the spirit of the people in that South Island has definitely made a huge difference in terms of turning it around," he said.