Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 


Labour Party Policy a Mixed Bag

Labour Party Policy a Mixed Bag


The Insurance Council of New Zealand (ICNZ) would welcome any review of insurers’ response to the Canterbury earthquakes, rejects the Labour Party’s proposal for another regulator of the industry and supports its policy of transferring levies from insurance premiums.

ICNZ Chief Executive Tim Grafton in responding to the Labour Party’s policy on disaster-related insurance issues strongly rejected criticism of insurers’ efforts.

“The Canterbury earthquake series is without doubt one of the world’s most complex insurance claims which has no international benchmarks with which to make comparisons,” he says.

“Yes lessons have been learned but insurers have done extraordinarily well in progressing claims given the complexities. Indeed 87% of all over-cap claims for major repairs and rebuilds are either settled or in the build queue.

“Progress for insurers has been dependent on multiple organisations and issues beyond insurers’ control, so if there were an independent review we would welcome the cold light of objectivity being shone on every nook and cranny of the recovery because I am confident that we would not be found wanting,” Mr Grafton says.

The industry is also in the process of reviewing the Fair Insurance Code, following public submissions and a rigorous assessment of how insurers can improve the way they deal with their policyholders. A revised code is expected to come into force by early next year.

“However, we have concerns about setting up what looks like yet a third regulator for the industry as the Reserve Bank and the Financial Markets Authority already have responsibilities for regulating insurers. This will add costs to insurers which will inevitably be passed on to policy holders,” he says.

“Labour’s policy to transfer the EQC levy to rates is welcomed. For consistency, it should also commit to removing the Fire Service Levy to rates as this would address the free-rider problem where people who don’t insure enjoy the benefits of the public good the Fire Service brings. It is good policy to remove levies from insurance to help keep it affordable and available for all. Local government should be reimbursed for the cost of collection.

“We agree the EQC cap of $100,000 needs to be lifted. It was meant to represent the cost of rebuilding a modest home and has not changed since 1993. However, this will increase EQC’s aggregate exposure and will therefore increase the levy.

“There are many other issues that are not addressed by this policy including how EQC will cover land in future. Land coverage has proved one of the most challenging aspects that Christchurch has raised particularly with respect to area-wide damage increasing vulnerability to risks like flooding and the implications for properties and how they get reinstated,” says Mr Grafton.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: A Govt. Christmas Bad News Dump -The Skycity Convention Center Blowout & A Negative MBIE Review

If the government really did have good tidings of great joy you can bet it wouldn’t be strewing them about at Christmas time – which is, traditionally, the dumping ground for terrible news that the government fervently hopes the public will be too distracted to notice. And so verily this Christmas Eve we learn of (a) the explosion of costs to the taxpayer and ratepayer of the vile SkyCity convention centre in Auckland and that (b) the government’s flagship MBIE “super-ministry” run by its Minister of Everything is a disaster zone of incompetence and mismanagement. MBIE is a Titanic looking for an iceberg, or so it would seem. More>>

 

Parliament Adjourns:

Greens: CAA Airport Door Report Conflicts With Brownlee’s Claims

The heavily redacted report into the incident shows conflicting versions of events as told by Gerry Brownlee and the Christchurch airport security staff. The report disputes Brownlee’s claim that he was allowed through, and states that he instead pushed his way through. More>>

ALSO:

TAIC: Final Report On Grounding Of MV Rena

Factors that directly contributed to the grounding included the crew:
- not following standard good practice for planning and executing the voyage
- not following standard good practice for navigation watchkeeping
- not following standard good practice when taking over control of the ship. More>>

ALSO:

Gordon Campbell:
On The Pakistan Schoolchildren Killings

The slaughter of the children in Pakistan is incomprehensibly awful. On the side, it has thrown a spotlight onto something that’s become a pop cultural meme. Fans of the Homeland TV series will be well aware of the collusion between sections of the Pakistan military/security establishment on one hand and sections of the Taliban of the other… More>>

ALSO:

Werewolf Satire:
The Politician’s Song

am a perfect picture of the modern politic-i-an:
I don’t precisely have a plan so much as an ambition;
‘Say what will sound most pleasant to the public’ is my main dictum:
And when in doubt attack someone who already is a victim More>>

ALSO:

Flight: Review Into Phillip Smith’s Escape Submitted To Government

The review follows an earlier operational review by the Department of Corrections and interim measures put in place by the Department shortly after prisoner Smith’s escape, and will inform the Government Inquiry currently underway. More>>

ALSO:

Intelligence: Inspector-General Accepts Apology For Leak Of Report

The Inspector-General of Intelligence and Security, Cheryl Gwyn, has accepted an unreserved apology from Hon Phil Goff MP for disclosing some of the contents of her recent Report into the Release of Information by the NZSIS in July and August 2011 to media prior to its publication. The Inspector-General will not take the matter any further. More>>

ALSO:

Drink: Alcohol Advertising Report Released

The report of the Ministerial Forum on Alcohol Advertising and Sponsorship has been released today, with Ministers noting that further work will be required on the feasibility and impact of the proposals. More>>

ALSO:

Other Report:

Leaked Cabinet Papers: Treasury Calls For Health Cuts

Leaked Cabinet papers that show that Government has been advised to cut the health budget by around $200 million is ringing alarm bells throughout the nursing and midwifery community. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news