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

 

New accident scheme a financial winner

News release 16 July 1999

Release From Wellington Chamber Of Commerce

An overwhelming number of Wellington businesses are financially better off as a result of the new accident insurance system.

A survey among Wellington Regional Chamber of Commerce members has found that 84% of respondents’ premium rates for accident insurance have decreased.

The Chamber asked 800 of its members to complete a detailed questionnaire on the effect of the change from compulsory, state-provided accident compensation to competitive public or private provision of accident insurance.

“Businesses have jumped at the chance to get more meaningful policies and cut their premiums,” Chamber of Commerce chief executive, Claire Johnstone said.

“While most businesses, 84%, have had some sort of reduction, almost a third have had their premiums cut in half or more. Only 16% are having a higher rate.

“It’s turning out to be another example of how the Government can get out of doing of business, and leave the business community to carry out normal commercial activities. It is long overdue. Most companies are small, or small-to-medium-sized businesses and should not have had to carry such costs for so long.”

In the survey the companies, most of which have been in business for over 10 years, reported that in the main they had kept their insurance cover at the same levels as before.

Although generally satisfied with the new arrangements, some companies questioned the ability of the insurance companies entering the accident insurance marketplace to deal with its complexity, but were prepared to give them time to prove themselves.

A number also said they were not looking forward to another proposed change to the system, if a Labour Government was elected.


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Serious Fraud Office: Commences Enquiries Into Allegations Of COVID-19 Wage Subsidy Fraud
The Serious Fraud Office has commenced a number of enquiries into alleged abuse of the Government’s COVID-19 Wage Subsidy. Director Julie Read said the allegations relate to multiple complex cases of potential fraud that have been referred to the agency following extensive investigations ... More>>



Environment: Preliminary Environmental Data On New Zealand’s Air Quality Released Today

The Ministry for the Environment and Stats NZ have published the Our air 2021: preliminary data release today. We are currently working to revise the Our air 2021 report to incorporate analysis of the World Health Organization (WHO) 2021 air quality guidelines that were released on 23 September 2021... More>>


Statistics: Food Prices Rise For Sixth Consecutive Month
Food prices rose 0.5 percent in September 2021 compared with August 2021, mainly influenced by higher prices for grocery food and meat, poultry, and fish, Stats NZ said today. September’s movement is the sixth consecutive monthly rise. After adjusting for seasonality, prices rose 0.9 percent... More>>



Reserve Bank: Robust Balance Sheets Yield Faster Economic Recovery

Stronger balance sheets for households, businesses, financial institutions and the government going into the pandemic contributed towards maintaining a sound financial system and yielding a faster economic recovery than following previous deep recessions... More>>


Transpower: Releases Independent Report Into Events Of August 9
Transpower’s Chief Executive Alison Andrew has today released an independent report into the grid emergency of August 9 when insufficient generation was available to meet demand, leading to some customers being disconnected... More>>

Bayleys: Latest Lockdown Adds Further Fuel To Industrial Property Market

The recent construction shutdown resulting from Auckland’s Covid 19’s lockdown restrictions has put additional pressure on an industrial property market that is already struggling to keep pace with demand... More>>