Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


Government must hold review on Insurance Industry’s failure

Government must hold review on Insurance Industry’s failure to payout Canterbury Businesses

Progressive Wigram MP Jim Anderton is calling on the government to hold an urgent review of the insurance industry in light of ongoing failures to pay out hard-hit Canterbury business owners.

“The government must hold international insurance underwriters accountable for refusing to pay out on legitimate business disruption claims caused by the Canterbury Earthquake”, says Anderton.

“It has become apparent that scores of small businesses, who thought they were adequately covered, have been lulled into a false sense of security by their insurance company. Perfectly reasonable claims are not being met, despite assurances from brokers after the event of the earthquake.

“It seems not even the brokers understand the full extent of what these policy claims purport to do. New Zealanders have to remember that it is not the insurance companies based here that are turning down legitimate claims, but International underwriters in London, Zurich and New York who are making these judgment calls.

“In the light of the earthquake being one of the most expensive natural disasters in the world for the insurance industry, it is vital that the global insurance industry looks at its practices and explains how these policies are meant to benefit its clientele in the future.

”If ever there was a time for reviewing the ‘business disruption’ insurance claims issue, it is now, but some in the industry are relying on confusing policy language and jargon to legally avoid making payouts.

“There is an obligation here. Thousands of business owners have in good faith been individually paying out tens of thousands of dollars for years to give themselves a sense of security for loss of income as a result of a disaster like an earthquake, only to find that underwriters in the insurance industry are now wriggling out of their responsibilities.

“I urge the government to urgently take up this review and make the international heads of the insurance industry focus on the Canterbury Earthquake as a case study to improve future practices”, says Jim Anderton.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Yesterday’s Big Parliamentary Air Kiss To China

In order to obtain support from the two major parties, Act Party deputy leader Brooke Van Velden twice had to soften the language of her parliamentary motion yesterday condemning China’s persecution of the Uighurs. The key word “genocide” was deleted. Evidently, the kind of resolution passed by a conservative government in the UK proved to be far too tough for a centre-left Labour government and a centre-right National opposition to countenance. Yesterday, the two major parties were united in their fear of retribution from China... More>>


Public Services: Government Sets Pay And Workforce Expectations For The Public Sector

The Government’s Workforce Policy Statement issued today sets out its expectations for pay and employment relations in the Public Sector, the Minister of Finance and Minister for the Public Service say. “New Zealand has had an exceptionally successful ... More>>


Government: Budget 2021 Reprioritises Nearly $1 Billion

Hon Grant Robertson Deputy Prime Minister Minister of Finance The Government’s strong pandemic response and the better than expected economic recovery means not all the money allocated in the COVID-19 Response and Recovery Fund has been spent, ... More>>


Ardern: Speech To China Business Summit

Ladies and gentlemen, distinguished guests, ate marie, tena koutou katoa, good morning. I am very happy to be here with you once again at my fourth China Business Summit. ... More>>

PM: Statement On The Speaker And Annual Review Debate

“The serious issue of alleged sexual assault and harassment at Parliament was poorly managed and inappropriately politicised last night. The tone of the debate did not reflect well on Parliament as a whole,” Prime Minister Jacinda Ardern said. ... More>>

Parliament: Mallard Fails To Give Taxpayers A Straight Answer

Trevor Mallard has confirmed he is unfit to be Parliament’s Speaker by failing to answer several important questions relating to the false rape accusation saga that cost taxpayers more than $330,000, Shadow Leader of the House Chris Bishop says. ... More>>

Local Government: Independent Review To Explore Future

Local Government Minister Nanaia Mahuta says an independent review of local government will explore how councils can maintain and improve the wellbeing of New Zealanders in the communities they serve long into the future. More>>


PM Ardern And PM Morrison: Commencement Of Two-Way Quarantine-Free Travel Between Australia And New Zealand

Joint Statement by Prime Ministers Scott Morrison and Jacinda Ardern Commencement of two-way quarantine-free travel between Australia and New Zealand Today, Australia and New Zealand have fulfilled their commitment to establish two-way quarantine free ... More>>




InfoPages News Channels