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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news