The ICNZ has produced a Short Guide to the General Insurance Industry in New Zealand that aims to help improve understanding of insurance and the vital role it plays to the country’s economy and society as a whole.
The January 2014 edition sets out everything you’ve ever wanted to know about the general insurance industry, from the role of the Insurance Council and taxes and levies included in your premiums to the types of insurance available in New Zealand and a glossary of terms.
Insurance is fundamental to our daily lives. It manages the risk of what might happen to what is precious or important to us if things go wrong. Imagine if there was no insurance cover for our homes, belongings, businesses, vehicles, boats or for travel. Apart from the risk of accident, sickness, fire and theft, New Zealanders, as history has proved, are vulnerable to catastrophic events like earthquakes, floods, cyclones, volcanoes and tsunami.
A key principle of insurance is to spread risk across as many people as possible. So the full benefits of insurance are realised when it remains affordable. A competitive and appropriately regulated industry enables insurance to be accessible to all.