wait and see if AMI will draw on this money. kiwiperson using your figures - 10,000 houses damaged, AMi has 35% of the market meaning 3,500 houses @ $100k . do the math. AMi have $600 mil in reassurance and $350mil cash.if the govt do pay anyting then AMi are gone, they will be stripped/sold in a fire sale. the board will prefer selling to Tower before going to the govt.
Kiwiperson You have to make your own choice 1/too insure your property or 2/ dont insure and loose the lot.It is so easy for the ones who 2/dont ensure to complain,just like the doctor gives you medication too take and you ignore it it is just your stupid fault no body else.But as for the Government paying out huge amounts of money to a buisness who should be prepared for a major disaster like here in Christchurch,such as AMI should get nothing,what if any other insurance companys get in the crap,will they get the same response by this government,just makes 1 wonder who has a lot of money tied up in a company as AMI. It is silly if you have finance on a home or a car finance also your household contents you should have them insured,as for a vehical and contents it is written up that you should have them insured,and that being part of your agreement that you signed for.
I don't know anything about govt payouts for insurace companies, but what I do know is that if you haven't insured what is likely your largest asset then losing it in a disaster is the risk you take, it is your own fault for gambling against time. The govt should not have to prop up the uninsured because they preferred to save some cash and gamble their house.
AMI is Broke and will get Govt money, 10 payouts of 100K make 1 million, AMI has 400 million so thats 4000 payouts! Other news reports that over 10,000 houses are badly damaged, of course there plenty moderately damaged ... Do the math peoples and you will see AMI will need ALL it can get. PS who insured AMI stadium ... ?? What annoys me is 7 months now since sept quake and the GOVT has not announced any package at all for those who had no insurance. Get going media people and ask the Govt about the uninsured and how they will help otherwise its not equal opportunity is it ? I already know of people on our street who have abandoned thier houses and mortages, hadly fair when AMI gets bailed and the uninsured will pay for the insured!!