Accident Regulator Releases New Figures
For immediate release
6 July, 1999
ACCIDENT REGULATOR RELEASES NEW FIGURES
The Department of Labour’s Accident Insurance Regulator’s office has today released updated figures relating to the new accident insurance market.
New Zealand employers had to sign up with a registered insurer by 5pm on 25 June, those that didn't were allocated to the SOE insurer, @Work Insurance Ltd. This allocation is for a transitional contract for a minimum of three months.
Since that time, the Regulator’s office has been processing raw data received from the seven registered insurers participating in the scheme.
Of the approximately 220,000 organisations recorded on the Regulator’s database, a total of around 121,000 are employers who have taken accident insurance contracts with a registered insurer before 25 June.
The 121,000 employer contracts cover around $40 billion of liable earnings in the private market out of an estimated $50 billion. These contracts are worth more than $500 million in written premium, covering approximately 80 per cent of the workforce.
The Regulator allocated approximately 99,000 organisations to @Work.
In addition to the 121,000 employers who have chosen an insurer, there are around 15,000 self-employed contracts reported to the Regulator.
Self-employed can either contract with a registered insurer to cover their work, and non-work related injuries, or stay with ACC. They have not been required to meet any deadlines.
Employers can choose either to stay with @Work or choose another insurer from 1 October at the end of the transitional contract.
The seven current registered insurers are Farmers Mutual Accident Care, HIH WorkAble, Fusion Insurance Services, MMI General Insurance, New Zealand Insurance, Cigna and @Work Insurance