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

 


Vero Challenges EQC Chairman’s Comments

Vero Challenges EQC Chairman’s Comments

New Zealand’s second largest insurer, Vero is challenging comments by EQC Chairman, Michael Wintringham in the EQC’s latest Annual Report.

In the Annual Report, the Chairman said: “In this environment, there is an incentive for insurers to reduce their own liabilities by shifting costs to the Crown or to other parties.”

Vero Chief Executive, Gary Dransfield said this comment was “speculative, unsubstantiated and damages the reputation of major insurance companies and their hard-working claims management staff”.

“It suggests insurers would act, or are acting improperly and in a manner not in the interests of New Zealand, its Government or the people of Canterbury,” Dransfield said.

“The reality is that the contribution of insurers to the Christchurch recovery has saved the Government billions of dollars.

“Around 80% of the expected $20 billion rebuild cost will be met by insurers and reinsurers.

“If that cost had to be met by the New Zealand Government alone there would be a massive rise in corporate and personal taxes to meet the bill.

“Private insurers have already paid out nearly $5 billion in claims,” Dransfield said.

Leaders of the major insurers, EQC, CERA and Government have a responsibility to be mutually supportive and focussed on the rebuilding of Christchurch.

“We need to instil confidence in the people of Canterbury and also overseas investors that we have the leadership and quality organisations capable of a unified, efficient and speedy recovery from the earthquakes,” Mr Dransfield said.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

ALSO:

Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

ALSO:

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Real Estate: Investors Driving Up Auckland Housing Risk - RBNZ

The growing presence of investors in Auckland's property market is increasing the risks, and is likely to both amplify the housing cycle and worsen the potential damage from a downturn both to the financial system and the broader economy, said Reserve Bank deputy governor Grant Spencer. More>>

ALSO:

Annual Record: Overseas Visitors Hit 3 Million Milestone

Visitor arrivals to New Zealand surpassed 3 million for the first time in the July 2015 year, Statistics New Zealand said today. The record-breaking 3,002,982 visitors this year was 7 percent higher than the July 2014 year. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news