David Cunliffe
Labour Leader

21 February 2014

Almost 40,000 outstanding claims show case for KiwiAssure

Almost 40,000 Canterbury homeowners still waiting to have their claims settled or finalised show why New Zealand needs a new publicly-owned insurance company, Labour Leader David Cunliffe says.

“Three years on and only 54 per cent of Cantabrians have had their claims settled. This is evidence there is a problem with the New Zealand insurance market.

“At the same time the country’s largest insurance group IAG today posted a $A93 million profit for its New Zealand division in the six months to December 2013. The Sydney-based insurance group holds 40 per cent of the New Zealand market and owns NZI, State and AMI.

“IAG has had a 75 per cent increase in its profits from its New Zealand operations while Kiwi households face rising premiums.

“This must stick in the craw of Christchurch residents three years after the earthquake.

“Labour’s KiwiBank-style insurance company KiwiAssure will keep the sector honest.

“With 90 per cent of the insurance sector owned by overseas interests, a Labour government will introduce KiwiAssure, an insurance company that will work for all New Zealanders,” David Cunliffe says.

ENDS

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