Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Brokers Say ACC Scheme Needs To Change

10 July, 2002

In the lead up to the election, the Corporation of Insurance Brokers of New Zealand (CIBNZ) is urging political parties and the voting public to think hard about the merits of competitive provision of accident insurance in New Zealand.

Chief executive of the CIBNZ, Malcolm Congdon, says for the short time that insurance companies provided competitive workers compensation insurance, the number of accidents decreased by 40 %, average premiums reduced and rehabilitation times were shorter than had ever been achieved before.

"The fact that 72 workers have been killed in the year to June 2002, is a sad and tragic indictment on the current system. A large part of the reason we were given for the change back to a monopoly ACC system was supposedly for workers safety. This is clearly not working", he said.

Malcolm Congdon says the competitive scheme allowed insurance companies to send strong signals to employers about the costs of not having safe workplaces.

"Strong incentives existed for safe workplaces. This was done through premiums being specific to the risk experience of a business, through to 'hands on' assistance where necessary with risk evaluation and minimisation strategies", he said.

"Many of our broker members were involved in injury prevention and rehabilitation while the scheme was competitively underwritten, and they could see first hand the benefits to the businesses they worked with."

Malcolm Congdon says the CIBNZ believes it is important that any scheme maintains the 24-hour, no fault cover, to prevent the same costly litigious problems of other countries, such as Australia and the USA.

"Legal costs account for over 40% of the liability costs in Australia and the Plaintiff lawyers are apparently doing very well out of that environment," he said.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>


Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news