Dr Eric Crampton: Let the Natural Hazards Commission charge risktakers higher premiums

Treasury is consulting on changes to the Natural Hazards Insurance Levy – formerly known as the EQC levy.

The Herald’s Jenée Tibshraeny reports that Treasury is considering increasing the Natural Hazards Commission’s cap from $345,000 to $460,000 while increasing the levy by up to $400 per year to make up the difference.

I hope another change could be in the mix.

DTNZ: Consumer NZ criticises soaring insurance premiums and lack of competition

Consumer NZ expert Rebecca Styles has highlighted the steep rise in insurance premiums, particularly house insurance, which has increased by 97% over the past decade and by more than 30% this year alone.

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.