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