Speaking to state media, Styles attributed the surge to a lack of competition in the New Zealand market, where multiple brands are often linked to the same parent companies.
This limited competition, combined with the need for individual assessments for house insurance quotes, makes it difficult for consumers to compare prices effectively.
Styles also pointed out the disparity between New Zealand and Australia, where consumers can challenge unreasonable premiums.
She urged for similar rights in New Zealand, advocating for an avenue where consumers could contest insurance costs, stressing the need for greater transparency in how insurers use data, such as risk factors like flood zones and fault lines, to justify higher premiums, stressing that this information should be more accessible to customers.
Daily Telegraph New Zealand (DTNZ) is an independent news website, first published in October 2021. - where this article was sourced.
Styles also pointed out the disparity between New Zealand and Australia, where consumers can challenge unreasonable premiums.
She urged for similar rights in New Zealand, advocating for an avenue where consumers could contest insurance costs, stressing the need for greater transparency in how insurers use data, such as risk factors like flood zones and fault lines, to justify higher premiums, stressing that this information should be more accessible to customers.
Daily Telegraph New Zealand (DTNZ) is an independent news website, first published in October 2021. - where this article was sourced.
3 comments:
The other day I looked at the regional council gis map at risks including earthquake, flood and subsidence. Lowest of risk in all three.
Do you think that leads to low premiums?
Not a chance
A " Shout out to Rebecca Styles" re NZ Insurance premiums, especially on households, but will equally apply to other Buildings.
Many Years ago, the then citizens of the Country, then know as New Zealand, suddenly found that the 'earth moved', and what a wonderous thing to go thru, or was it hell because not many understood - earthquakes. We do now and of recent years as the 'earth moves' in more serious ways that we have imagined those time showed that the NZ Building Code was not up to speed. How can I confirm this -
[1] - Hawke's Bay 1931 - not only affect Napier & Hastings but the tremors were felt down the East Coast, the citizens of Masterton knew something was up - chimneys fell over;
[2] - Whakatane and surrounding areas, the damage to both property and building and other infrastructure made compelling viewing via photos & TV News;
[3] - Christchurch - the mother of all earthquakes and the interesting follow on was the many Council's across NZ that suddenly found that many buildings were now deemed " '' "earthquake risks" - particularly foundations.
One only has to look at the money now being spent to resolve those issues, and more so with Historic buildings as they " can not be demolished".
Now it is not inconceivable that in those times that Insurance Companies saw their Bank balances decline with payouts had no option but to increase premiums.
I am aware that one NZ owned Insurance Company, following Christchurch - almost went insolvent and was brought out by an overseas Insurance Co, who certainly would not hesitate to increase premiums on the basis NZ is a land " were Rock and Roll prevails" (not the music genre either).
Sorry Anonymous 5.23. Can't quite see your point.
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