More than 2000 people rallied to save Christchurch Cathedral
By Jeff Hampton
Questions are being raised over whether yesterday's 5.2 magnitude earthquake in Christchurch might affect the confidence of insurance companies, and the city's rebuild.
The issue arose in an interview with Finance Minister Bill English.
As more than 2000 people rallied to save Christchurch Cathedral, the other big question was whether yesterday's 5.2 magnitude earthquake would affect the city's long-awaited rebuild.
Those at the rally are used to the shakes.
But appearing on TV3’s The Nation, Finance Minister Bill English raised the possibility strong aftershocks like yesterday's might affect the attitude of insurance companies towards Christchurch.He says a setback to the rebuild timetable is possible.
“Not a lot of physical damage from it, but a critical issue in Christchurch has been the confidence of the insurance companies,” says Mr English.
Mr English says Christchurch is resilient, but suggested the quakes have some effect on confidence.
A shaky camera at the Greyhounds was one of the few visible effects of the quake, which caused no significant damage.
The Insurance Council believes insurers are becoming used to the aftershocks, even the bigger ones.
“There's not a stand-down of cover,” says Chris Ryan of the Insurance Council. “Insurers are actually continuing cover now too. They have come to the realisation that a lot of these aftershocks are likely to be reasonably the same size, and a lot of repairs are being done to the degree they won't be damaged by aftershocks.”
Christchurch is so used to earthquake it rebounds quickly. The central city red-zone was checked overnight and re-opened for workers early this morning.