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

 

NZ ranked 2nd riskiest country in the world

New Zealand is ranked as the second riskiest country in the world in a major international study released by Lloyd’s of London.

The report looks at non-life underinsurance and insurance penetration data for 43 countries. It’s the second report of its kind, the first of which was published in 2012.

"This report shows how risky New Zealand really is," said ICNZ Chief Executive, Tim Grafton. "Since the last report in 2012, we’ve seen the cost of the Canterbury earthquakes continue to rise, a second major earthquake striking Kaikōura and Wellington and a major flood in Edgecumbe."

"As a risky country, it’s important we remain well-insured. That means not only ensuring we insure our assets but making sure coverage of those assets is sufficient to replace them. Fortunately, New Zealanders understand the value of insurance and demonstrate this in consistently high uptake levels."

New Zealand has the fourth highest rate of insurance penetration globally, dropping one place from third in 2012.

There is a word of caution around this statistic, however.

"It’s important to note that although we have relatively high insurance penetration rates, that doesn’t mean all our assets are adequately insured," said Grafton. "It’s possible that people are under-estimating the cost to replace their assets, which could leave them vulnerable should another major disaster strike."

"We recommend everyone checks their current cover to ensure it’s fit for purpose and will give you what you need in the event of a total loss.

The report is a timely reminder to:

1. Use the calculator on your insurer’s website to make sure your house’s sum insured is sufficient to cover the demolition and rebuild of it should it be destroyed in a disaster.

2. Talk to your insurer to make sure your contents cover is sufficient - your insurer will likely have a calculator you can use to work out how much cover you’d need if you had to replace everything you owned.

3. Check your motor policy to ensure the market value of your car is listed correctly. If you only have third party insurance, consider whether it would be worth upgrading to comprehensive insurance to ensure your vehicle could be replaced if you had an accident that wrote it off.

ENDS


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Government: New Year Border Exception For Seasonal Workers In The Horticulture And Wine Industries

2000 additional RSE workers to enter New Zealand early next year employers must pay these workers at least $22.10 an hour employers will cover costs of managed isolation for the RSE workers RSE workers will be paid the equivalent of 30 hours work a week ... More>>

ALSO:

Grey Power: Is Disappointed To Learn Of More Bank Closures

Many older people are being left without essential services because of cost cutting and the march of modern technology. It is now expected that most banking transactions can occur via the internet or telephone. Jan Pentecost, President of the Grey Power ... More>>

ALSO:

Economy: Supply Chain On Brink Of Overload Says National Road Carriers

The New Zealand supply chain is on the brink of overload and it looks like the upcoming peak imports season may push it over the edge says National Road Carriers Association (NRC) CEO David Aitken. “Worldwide supply chains are in disarray,” says Mr Aitken. ... More>>

Stats NZ: Annual Goods Trade Surplus At 28-Year High

New Zealand’s annual goods trade surplus reached a 28-year high of $2.2 billion as imports tumbled in the year ended October 2020, Stats NZ said today. “This is the largest annual surplus since the July 1992 year, driven mainly by much lower ... More>>

ComCom: How Real Is That Bargain?

The Commerce Commission urges retailers and consumers to think hard about the bargains being offered as ‘Black Friday’ and Christmas draw near. Black Friday has now overtaken Boxing Day in terms of retail spending, according to data from electronic ... More>>

Stats NZ: Births And Deaths: Year Ended September 2020

Births and deaths releases provide statistics on the number of births and deaths registered in New Zealand, and selected fertility and mortality rates. Key facts For the year ended September 2020: 57,753 live births and 32,670 deaths ... More>>

ALSO:


Forest & Bird: Kākāpō Wins Bird Of The Year 2020

The nation has voted and Aotearoa New Zealand has a new Bird of the Year. New Zealand’s moss-colored flightless parrot has climbed to the top-spot for the second time in Forest & Bird’s annual Te Manu Rongonui o Te Tau/Bird of the Year competition. ... More>>