Following a disciplinary process, the Board of the Insurance Council of New Zealand (ICNZ) announced today Youi NZ Pty Ltd will pay the maximum financial penalty of $100,000 and has been warned that any future misconduct risks membership termination. The financial penalty will be directed towards funding initiatives that improve consumers’ financial capability. The Board …
The Insurance Council of New Zealand welcomed the announcement today from NZTA that water damaged light vehicles will now need electrical and pyrotechnic safety components replaced. Tim Grafton Insurance Council Chief Executive says “insurers welcome this change as the importation of water damaged vehicles increases the risk of serious accidents, particularly due to failures in …
The Insurance Council of New Zealand announced today that private insurers have paid out over $18 billion to settle commercial and residential claims since the Canterbury earthquakes in 2010 and 2011, of which over $8.6 billion was for domestic claims. Chief Executive Tim Grafton said “private insurers expect to have the vast majority of claims …
Two days of wild weather in March that caused several rivers to overflow has cost insurers $30 million dollars, the Insurance Council of New Zealand reported today. Hundreds of people were evacuated after 350mm of rain in a 24-hour period caused the West Coast’s Waiho River to burst its banks. Strong winds also brought down …
The Insurance Council of New Zealand supports the broad outline of proposals to lift the quality of financial advice released by Commerce and Consumer Affairs Minister Paul Goldsmith today. “We have been strong proponents of the need for insurance brokers, who sell products on behalf of insurers, to be transparent about their remuneration, including soft …
The Insurance Council of New Zealand announced today that private insurers have settled 20,000 Canterbury earthquake over cap residential property claims in its latest release of quarterly progress data. Chief Executive Tim Grafton said “insurers have now fully settled 91% of all Canterbury earthquake residential properties. This represents 20,000 over cap and 63,000 out of …
INSURERS SETTLED 83,000 CANTERBURY PROPERTIES, INCLUDING 20,000 OVER CAP Read More »
Continuing to tax only those people who pay insurance to fund the fire service is blatantly unfair and well out of step with best policy practice internationally, the Insurance Council of New Zealand said in response to today’s new funding arrangements for the fire service. Insured people will pay about $300 million in tax above …
FIRE SERVICE FUNDING – DISAPPOINTMENT WITH POOR POLICY, BUT GREATER CLARITY WELCOMED Read More »
Private insurers are on track to settle the vast majority of Canterbury earthquake claims by the end of this year, the Insurance Council announced today. Nearly 5,400 major repairs and rebuilds were settled in 2015 which reflected a 21% rise in the settlement rate last year compared with 2014. “Insurers are continuing to make a …
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