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24:
136:(AMI). The New Zealand government talked of bailing out the company up to $ 1,000 million because of the chaos that would ensue if it collapsed. The government eventually agreed to a NZ$ 500 million support deed. However, large losses led to a $ 76 million shortfall of its $ 198.6 million regulatory capital requirement and so forced the controversial sale of AMI to
545:
160:
The government created a government-owned company, Southern
Response Earthquake Services, to take over the part of AMI's work that related to the Christchurch earthquake repairs. It was responsible for settling claims by AMI policyholders for Canterbury earthquake damage that occurred before 5 April
168:
to attend and record public meetings held by groups of AMI/Southern
Response claimants. A report by the State Services Commission found that in doing so Southern Response had acted inconsistently with the State Services Code of conduct on a number of occasions in 2014–2016.
161:
2012. Perceived poor performance of that organisation led to some protests and a lawsuit, but a large percentage of the easier repairs were actioned despite a period of work outstripping resources in post-quake
Canterbury.
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branch would remain open until 27 November 2020. 65 branch manager jobs would be eliminated while 350 jobs would be transferred to customer service and other departments.
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292:"IAG 'taking out mutual competitor' AMI would create 'near duopoly', Merrill Lynch analysts say, meaning Commerce Commission could block deal"
91:, New Zealand, in 1926 as the South Island Motor Union (SIMU), and grew to be the second biggest residential insurer in New Zealand. It was a
177:
On 23 July 2020, IAG announced that AMI would be closing all of its 53 branches and its remaining State office in New
Zealand in phases. The
152:, and with acquiring AMI's business (other than Christchurch earthquake-related work) IAG covered 60% of the domestic insurance market.
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In 2018 it was revealed that four years earlier
Southern Response had employed private investigation company
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offices would close in June 2021 while most remaining offices would close on 18 September. The
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to indicate how much of the earthquakes' insurance costs would have to come from
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cover for further earthquakes, plus lack of exact figures from the government's
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144:. IAG NZ had already acquired major insurance names in New Zealand, such as
140:, the local arm of Australia and New Zealand's largest insurance company,
95:, meaning it was owned by its policy holders, until it was bought out by
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259:"Quake-hit AMI insurance bailout could cost $ 1 billion"
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382:"Quake claimants protest outside Southern Response"
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53:
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413:Greenhill, Marc; Anderson, Charles (2013-12-16).
697:Financial services companies established in 1926
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478:"State Services Commission Inquiry Statement"
8:
16:
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572:
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319:"AMI sale done without consulting members"
22:
15:
508:"IAG announces closure of 53 AMI stores"
448:"Class action against Southern Response"
218:
415:"Protesters 'swamp' Southern Response"
290:Vaughan, Gareth (December 22, 2011).
148:(formerly New Zealand Insurance) and
7:
228:"Understanding What Happened to AMI"
707:Organisations based in Christchurch
446:O'Connor, Sarah-Jane (2014-03-07).
317:Steeman, Marta (20 December 2011).
702:Insurance companies of New Zealand
14:
226:Miles, Sarah (January 23, 2013).
602:
543:
118:Christchurch earthquakes of 2010
112:Effect of Canterbury earthquakes
257:Steeman, Marta (7 April 2011).
516:. 23 July 2020. Archived from
1:
484:. 18 Dec 2018. Archived from
380:Satherley, Dan (2 Dec 2013).
101:2011 Christchurch earthquake
723:
77:AMI Insurance building in
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142:Insurance Australia Group
21:
173:2020 closure of branches
93:mutual insurance company
232:The Christchurch Fiasco
134:Allied Mutual Insurance
99:in 2011, following the
67:Allied Mutual Insurance
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76:
427:on 20 December 2018
271:on 20 December 2018
166:Thompson and Clarke
43:Parent organization
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513:New Zealand Herald
488:on 17 January 2020
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482:Southern Response
394:on 21 August 2016
361:on 7 January 2019
355:Southern Response
156:Southern Response
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559:Official website
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191:Mount Maunganui
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150:State Insurance
138:IAG New Zealand
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97:IAG New Zealand
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63:Formerly called
48:IAG New Zealand
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537:External links
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57:www.ami.co.nz
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37:, New Zealand
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17:AMI Insurance
664:AA Insurance
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522:. Retrieved
518:the original
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359:the original
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89:Christchurch
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35:Christchurch
31:Headquarters
599:New Zealand
126:reinsurance
691:Categories
351:"About Us"
213:References
195:Wellington
116:After the
595:Insurance
452:The Press
420:The Press
365:5 January
324:The Press
87:began in
462:18 March
431:18 March
398:18 March
335:18 March
302:18 March
275:18 March
242:18 March
659:Suncorp
524:23 July
387:Newshub
203:Dunedin
187:Te Rapa
107:History
79:Manukau
54:Website
207:Timaru
201:, and
199:Hornby
183:Botany
179:Albany
637:State
492:7 Jan
264:Stuff
526:2020
494:2019
464:2014
433:2014
400:2014
367:2019
337:2014
304:2014
277:2014
244:2014
122:2011
120:and
632:NZI
627:AMI
622:IAG
617:FMG
597:in
146:NZI
130:EQC
693::
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