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$1400 just to insure a unit!

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  • #16
    If you press them, they all simply shift the blame to the "reinsurers" which are all offshore and are (apparently) demanding these changes. It's such a great way of taking the focus off the NZ insurer and you can tell they've been well-trained in this, because they almost always add something like "and we have no choice otherwise they won't insure us and then we can't insure NZ's homes", so it's a take-it-or-leave-it option for which you should be grateful. Personally I think these excuses make NZ insurers little more than paper-pushing cashiers with no autonomy to run their business in their own country.

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    • #17
      Originally posted by Leftette View Post
      Personally I think these excuses make NZ insurers little more than paper-pushing cashiers with no autonomy to run their business in their own country.
      You appear surprised.
      You expected something different?
      Next you'll be accusing "New Zealand" Banks of being subject to offshore pressures when it comes to pricing their product.

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      • #18
        I used to work in insurance, sb. IT, working closely with the actuaries. In those days the companies were very much NZ-based and NZ-driven. Re-insurance from offshore wasn't the be-all-and-end-all of the business. It was simply a way to "insure the insurers" and that's all. I still think that's the case, but the insurers are using it as nothing more than a convenient crutch on which to lean their poor excuses for ramping up the fees. "Not us, Guvnor, it's the big mean re-insurers - bloody Johnny Foreigner again".

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        • #19
          EQC negotiates $3.25b in reinsurance cover
          The Earthquake Commission will pay an unprecedented $160 million for increased reinsurance cover for the 2013-14 year.
          That is about four times what it was paying before the Canterbury earthquakes.
          www.stuff.co.nz/business/industries/8865116/EQC-negotiates-3-25b-in-reinsurance-cover

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          • #20
            Article on insurance in this month's
            NZ Property Investor's magazine.
            Worth a read.
            "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx

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            • #21
              I was reading an article and it pointed out how with the move to fixed sum insurance, a lot more risk was moving from the insurers to the banks if you have a higher LVR mortgage.

              When you take out a mortgage you have to show proof of insurance.
              Will the banks demand to see that each year now, to prove their security remains sufficiently insured?

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