I always think back to when we had the video shop in Hornby.
Prior to 2010, we were paying around $100-150 per month for business interruption insurance. Upon renewal in June 2011 (so after both quakes), the premium went to about $300 - $350, it was at least double (I can't remember the exact figures anymore). Weve just had 2 big quakes, and even though I was fortunate enough not to have to claim for quake damage, fair enough I thought. Besides, for a long time as soon as you said you were from Christchurch area, no other insurer would even quote for any insurance anyway, so you either liked it or lumped it. June 2012 rolled around and yet again, premium more than doubled, now just on $700/mth, yet in the preceeding 12 months, there had been no further quakes nor claimable events. At this point I did try getting other cover but still no dice, "Christchurch" no way.
Now that Canterbury has had 2 big events, does that mean we are more likely or less likely to have a future event?
My primary school science level of understanding is that essentially the energy that had been built up between the two plates has been alleviated and re-settled to a new status quo. That could be miles off the mark or completely inaccurate, but given actual scientists have no way of predicting when or where quakes will hit (other than a "theres a 40% chance of an event greater than a 4.0" bollocks prediction) then my view is that insurance companies rank right up there (or is that down there) with Ponzi Scheme sellers, "Big Pharma", "Big Oil" and the worst of the worst, local body councils. They are all bottom feeding money hungry grubs out to squeeze every cent out of the poor public.