Advertisements

Are persistent increases in insurance premiums the new norm?

by Celia

The latest inflation data from Stats NZ shows that insurance premiums are soaring, but is this just the new norm?

Home insurance premiums were up by more than a fifth year-on-year in the quarter to September.

Advertisements
Advertisements

Home insurance was up almost 19 per cent, while car insurance rose by more than 10 per cent over the same period.

Advertisements

The outgoing chief executive of the Insurance Council says high construction costs, severe storm damage and the cost of reinsurance are behind the increases.

Tim Grafton, who will step down next year after 12 years in the role, has serious concerns about where some houses are allowed to be built and says this is one of the biggest issues facing the industry.

Advertisements

You may also like

blank

Bedgut is a comprehensive insurance portal. The main columns include commercial insurance, auto insurance, health insurance, home insurance, travel insurance, other insurance, insurance knowledge, insurance news, etc.

[Contact us: [email protected]]

© 2023 Copyright  bedgut.com