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


Internet: NZ Govt Lifts Target Speeds For Rural Broadband

The government has lifted its expectations on faster broadband speeds for rural New Zealand as it targets increased spending on research and development in the country's information and communications technology sector, which it sees as a key driver for export growth. More>>


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Scouring: Cavalier Merger Would Extract 'Monopoly Rents' - Godfrey Hirst

A merger of Cavalier Wool Holdings and New Zealand Wool Services International's two wool scouring operations would create a monopoly, says carpet maker Godfrey Hirst. The Commerce Commission on Friday released its second draft determination on the merger, maintaining its view that the public benefits would outweigh the loss of competition. More>>


Scoop Review Of Books: She Means Business

As Foreman says in her conclusion, this is a business book. It opens with a brief biographical section followed by a collection of interesting tips for entrepreneurs... More>>


Hourly Wage Gap Grows: Gender Pay Gap Still Fixed At Fourteen Percent

“The totally unchanged pay gap is a slap in the face for women, families and the economy,” says Coalition spokesperson, Angela McLeod. Even worse, Māori and Pacific women face an outrageous pay gap of 28% and 33% when compared with the pay packets of Pākehā men. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news