Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

New Zealand owned insurance company enters the market

New Zealand owned insurance company enters the market

A new insurance company enters the market next week. New Zealand owned Provident Insurance has been authorised by The Reserve Bank of New Zealand to underwrite Provident’s automotive-owner protection products.

Founded by motor industry finance and insurance specialists Steve Owens and John Copson, Provident Insurance will market in the motor finance and insurance sales industry. “We’ve drawn together decades of specialist experience to bring to market products that offer significant competitive advantage to our clients,” says Steve Owens, Provident Chief Executive Officer.

Owens says that Provident Insurance has a strategic advantage as a New Zealand owned and operated company. “This means that we’re answerable to our local board, rather than international directors which allows us to be responsive to the needs of the market and our clients.”

“New Zealand is known around the world for its start ups – while this is a new company, it’s backed by over 100 years of frontline experience and a board with significant expertise, who know the industry inside and out, and who want to deliver something fresh, and pure kiwi.”

Owens says that they recognise the importance of credibility and this is endorsed by the company’s B++Financial Strength rating from AM Best, the world’s largest and longest established specialist insurance company rating agency.

Provident Insurance Corporation Limited will offer a range of insurance products including Mechanical Breakdown Insurance, Credit Contract indemnity and Loan Equity Insurance. The company will also distribute Motor Vehicle Insurance under an agency agreement with Lumley Insurance.

For further information about this release please contact Steve Owens, CEO, Provident Insurance. s.owens@providentinsurance.co.nz

Provident Insurance Corporation’s head office is located at the Crown Centre, 67 Hurstmere Road, Takapuna, Auckland.

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


REINZ: Market Activity And Prices Continue To Ease, First Home Buyers Start To Return To The Market

New Zealand’s winter property market continues its recent trend, slowing from the pace of sales and price rises of last year — properties stay on the market longer and median prices dip... More>>

FMA: Cigna Admits Making False And Misleading Representations
Cigna Life Insurance New Zealand Limited has admitted to making false and/or misleading representations to customers in proceedings brought by the Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko... More>>


Statistics: Retail Card Spending Down 0.2 Percent In July
Retail card spending fell $11 million (0.2 percent) between June 2022 and July 2022, when adjusted for seasonal effects, Stats NZ said today... More>>



ASB: Full Year Results: Building Resilience Today And For Our Future

In its 175th year, ASB has reported a cash net profit after tax of $1,418 million for the 12 months to 30 June 2022, an increase of $122 million or 9% on the prior year... More>>


Commerce Commission: Draft Determination On News Publishers’ Association’s Collective Bargaining Application
The Commerce Commission (Commission) has reached a preliminary view that it should allow the News Publishers’ Association of New Zealand (NPA) to collectively negotiate with Meta and Google... More>>


Heartland: Retirees Facing Pressure From Higher Cost Of Living And Increasing Debt In Retirement

Heartland has seen a significant increase in Reverse Mortgages being used to repay debt. Among the most affected by the increasing living costs are retirees, many of whom are trying to get by on NZ Super alone... More>>