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National wants insurers to profit from injury

Thursday, 3 July 2008, 2:48 pm
Press Release: Finsec

For immediate release
Thursday 3 July 2008

National Party wants insurers to profit from injury

Finance sector union Finsec is concerned that the National party wants to turn accident compensation into a money making venture for private insurers, rather thana low cost provider that acts in the public and workers interest.

“Only ideology gone mad would see us sacrifice such a good ACC scheme so insurance companies can make larger profits,” said Andrew Campbell, Finsec’s Campaigns Director.

"We have had informal indications from the companies we deal with in the insurance sector that they are once again gearing up to profit off New Zealanders’injuries,” said Campbell.

“Privatisation and competition in accident insurance is a lose-lose scenario. It carries increased costs for employers and poorer outcomes for workers. The only group that benefits are the private insurance companies,” said Campbell.

“A recent independent report on ACC shows that for both employers and employees the current publicly owned and managed system is as comprehensive and as efficient as any scheme in the world. The huge benefits to New Zealanders of such a scheme should not be given away.”

Finsec calls on all parties in Parliament to affirm their commitment to the retention and improvement of this world leading ACC scheme.

ENDS

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