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Less competition in insurance industry with IAG buy out

Less competition in insurance industry with IAG buy out

IAG’s final approval to buy New Zealand’s Wesfarmer Insurance arm means the insurance industry has become even less competitive, showing the need for a KiwiBank-style company in the sector, says Labour’s Commerce spokesperson Clayton Cosgrove.

“More than 90 per cent of the insurance industry is already owned by offshore interests. That’s just increased even further.

“Many in the insurance industry warned about the threats involved in the merger. Tower chairman Michael Stiassny said the level of market dominance created a ‘significant risk’.

“It’s been clear from the three-year delays in Christchurch that the industry is simply not performing. It needs a shake-up.

“A KiwiBank-style insurance company that acts in Kiwis’ interest is essential to boost competition and raise standards for the industry. Labour’s KiwiAssure will offer New Zealand families an innovative and nimble option that they will have a stake in,” says Clayton Cosgrove.

Ends

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Election Day: Make Sure You're A Part Of It!

Saturday 20 September, is election day, and New Zealanders’ last chance to have a say on who leads the country for the next three years.

“The people and parties we elect tomorrow will be making the decisions that affect us, our families and our communities,” says Robert Peden, Chief Electoral Officer. “It doesn’t get much more important than that, and we need all New Zealanders to use their voice and vote.”

Voting places will be open from 9.00am until 7.00pm on election day. The busiest time at voting places is usually 9.00am - 11.00am.

“Take your EasyVote card with you when you go to vote, as it will make voting faster and easier, and vote close to home if you can. But don’t worry if you forget your card, or didn’t receive one, because as long as you are enrolled to vote, your voice will be heard,” says Mr Peden. More>>

 

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