After the Christchurch Earthquakes of 2010 and 2011 some doubt over obtaining sufficient reinsurance cover for further earthquakes , plus lack of exact figures from the government 's EQC to indicate how much of the earthquakes ' insurance costs would have to come from '' ' Allied Mutual Insurance ' '' ( AMI ) , led to uncertainty over the insurer 's financial state . The New Zealand government talked of bailing out the company up to $ 1000 million because of the chaos that would ensue if it collapsed , and eventually agreed to a NZD 500 million support deed , but large losses led to a NZD 76 million shortfall of its NZD 198.6 million regulatory capital requirement and so forced the controversial sale of AMI , to the New Zealand arm of Australia and New Zealand 's largest insurance group , IAG . IAG NZ already had acquired major insurance names in New Zealand , such as NZI ( formerly New Zealand Insurance ) and State Insurance , and with acquiring AMI 's business ( other than Christchurch earthquake-related work ) IAG covered 60 % of the domestic insurance market
Christchurch Earthquakes of 2010
2010 Canterbury earthquake
AMI Insurance