Are stubborn insurance cost rises the new norm?
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Latest inflation data from Stats NZ shows insurance premiums are soaring, but is this simply the new norm? Home insurance premiums in the quarter to September are up by more than a fifth year-on-year. Contents insurance was up nearly 19 percent while car insurance was up by more than 10 percent in the same period. The outgoing chief executive of the Insurance Council says high construction costs, severe storm damage and the cost of reinsurance are behind the rises. Tim Grafton will step down from the role next year after 12 years - he has serious concerns over where some houses are being allowed to be built - and says this is one of the biggest questions for the sector.
