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

 

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Immigration: Increase In Seasonal Workers For RSE

The current cap will be increased by 1,000 from 9,500 to 10,500 RSE workers for the 2016-17 season. Mr Woodhouse says the horticulture and viticulture industry is New Zealand’s fourth largest export industry, producing almost $5 billion in exports. More>>

ALSO:

Hurunui: Crown Irrigation Invests Up To $3.4m In North Canterbury

Crown Irrigation Investments will invest up to $3.4m in the Hurunui Water Project, an irrigation scheme that will be capable of irrigating up to 21,000 hectares on the south side of the Hurunui River in North Canterbury. More>>

ALSO:

Not So Great:Butterfly Eradication Success

The invasive pest great white butterfly has been eradicated from New Zealand in a world-first achievement, Primary Industries Minister Nathan Guy and Conservation Minister Maggie Barry say. More>>

Gordon Campbell: On The Government’s Tax Cuts Fixation

Long before the earthquake hit, the dodginess of the government tax cuts programnme was evident in the language of its packaging. It is being touted as a “tax cuts and family care” package... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news