Insurance rises...

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11 years 1 week ago #27615 by ccrk9
Insurance rises... was created by ccrk9
Wow. My pensioner Mum just got her renewal for the house in Wellington. A 48% rise in premium!! She dosent have contents as it got to expensive a while ago, only replacement for the house.

Not looking forward to ours in September.

The greatest fine art of the future will be the making of a comfortable
living from a small piece of land. ~ Abraham Lincoln ~

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11 years 1 week ago #379552 by Stikkibeek
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We will all pay one way or another for what has happened in Ch/ch.

Did you know, that what you thought I said, was not what I meant :S

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11 years 1 week ago #379557 by Organix
Replied by Organix on topic Insurance rises...

ccrk9;372574 wrote: Wow. My pensioner Mum just got her renewal for the house in Wellington. A 48% rise in premium!!.......

Advise your Mum to look for another insurer [:(!] We paid our house renewal last month which was a 5.9% rise from the previous year, or 3.75% plus the increase in GST. Contents went up by $1 + GST so a negligable (about 0.4%) rise.

We're insured (house, contents, 2 cars and a motorcycle) with AMI - the government guaranteed one :D

Harm Less Solutions.co.nz
NZ & AU distributor of Eco Wood Treatment stains and Bambu Dru bamboo fabrics and clothing

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11 years 1 week ago #379562 by Mich
Replied by Mich on topic Insurance rises...
I heard that with AMI, North Island policy holders could expect at 20% increase in house insurance, 15% in contents and 4% in vehicles. South Island would likely be more apparently. One of those things that you really just have to suck up, I guess. But it's a constant battle to balance rising prices on static salaries.

Was your Mum with AMI, ccrk9?
Cheers, Mich.

Good exercise for the heart is to bend down and help someone up. Anon.

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11 years 1 week ago #379572 by ccrk9
Replied by ccrk9 on topic Insurance rises...
I think shes with either AA or AMI as they bought out her original company. We are with FMG so will be interested to see what they do. I feel terrible for Christchurch but I dont see why we need to pay for their risk. Our premiums have always been based on the risk for our area (high) and now we have to take on risk for another city because they were accessed as low risk up till last september.

The greatest fine art of the future will be the making of a comfortable
living from a small piece of land. ~ Abraham Lincoln ~

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11 years 1 week ago #379578 by DiDi
Replied by DiDi on topic Insurance rises...
I think what is frustrating is that the rises are all about the losses the insurance companies have suffered that they want to recover in 12 months. That is ridiculous and should not be allowed.

When I worked in Insurance (not that many years ago) there were 5 companies covering the entire world that the Insurance Companies bought their insurance from (called reinsurance) and I suspect that they have taken such a hit globally that they are wacking up their "reinsurance" premiums to the the entire world but what that means is that we are not just paying for NZ's problems but Japan, Chile, Australia etc.

So the questions for me are: Should we agree that the Insurance Companies should be able to recoup their losses in a period of 12 months (why not 15 years?) and whether we should be paying for the rest of the world's issues that have negatively affected the reinsurers?

Given that Insurance is a business and those who do the "reinsurance" are a business as are out own insurance companies, should they be protected by us (the consumer) from their own risk assessments? Should they not wear it and reduce their profits?

Happy to be corrected on my assumptions (history based) but wonder what others think and why our Government is not standing up for us as consumers and saying "No" - pushng that too far for our 4 million population who are also hurting. What do you think?

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11 years 1 week ago #379613 by Organix
Replied by Organix on topic Insurance rises...

DiDi;372627 wrote: ........
Happy to be corrected on my assumptions (history based) but wonder what others think and why our Government is not standing up for us as consumers and saying "No" - pushng that too far for our 4 million population who are also hurting. What do you think?

Seeing as how our government is charging us through the nose to update ACC's status to a 'pay as you go' entity and run it as an insurance company I can't see that we'll get a lot of support from them regarding property insurance premium hikes [B)]

Harm Less Solutions.co.nz
NZ & AU distributor of Eco Wood Treatment stains and Bambu Dru bamboo fabrics and clothing

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11 years 1 week ago #379648 by ccrk9
Replied by ccrk9 on topic Insurance rises...
I can bet the companies will be in profit in a years time and the shareholders will get a payout. I know business need are there to make a profit, and to pay the shareholders but I dont see why I should carry the extra risk.

The greatest fine art of the future will be the making of a comfortable
living from a small piece of land. ~ Abraham Lincoln ~

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11 years 1 week ago #379665 by Simkin
Replied by Simkin on topic Insurance rises...
Insurance companies have faced record payouts during the past 3 years and it won't get better. Just look at the tornadoes in North America.

Now that the tectonic plates have entered a more volatile phase, more significant earthquakes are expected and when it's Wellington's turn they want payouts, too. Much of the insurance premium hike is due to an increase in EQC premiums.

Btw- EQC has hardly paid out anything yet - they are sitting tight waiting for the aftershocks to pass.

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11 years 1 week ago #379719 by Stikkibeek
Replied by Stikkibeek on topic Insurance rises...

Simkin;372721 wrote:

Btw- EQC has hardly paid out anything yet - they are sitting tight waiting for the aftershocks to pass.

I read somewhere the other day that EQC were going to court with Insurances companies to clarify what is an aftershock and what is a new earthquake in its own right.

Did you know, that what you thought I said, was not what I meant :S

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11 years 1 week ago #379721 by Simkin
Replied by Simkin on topic Insurance rises...

Stikkibeek;372777 wrote: I read somewhere the other day that EQC were going to court with Insurances companies to clarify what is an aftershock and what is a new earthquake in its own right.

That's ludicrous. There already are the 7.1 last September, the 5.3 on Boxing Day, the 6.3 on February 22 and two more 5.something quakes in April/May as separate events and each time EQC is liable to pay out the first 100K + GST. What more do insurance companies want? Not pay anything at all?

I don't know and don't know of a single person who has received a single cent from their insurance company yet. I do know people who have received money from EQC but not many.

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11 years 1 week ago #379739 by Stikkibeek
Replied by Stikkibeek on topic Insurance rises...
Simpkin, I get the impression that all this apparent stalling from the likes of Govt. officials is not so much to do with "getting it right and fair" but more to do with the "too hard basket" and the fact that this country will be in really, really, really bad debt, with insufficient money to pay for anything. [xx(]

I might be a sceptic though[}:)]

Did you know, that what you thought I said, was not what I meant :S

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11 years 1 week ago #379760 by Organix
Replied by Organix on topic Insurance rises...

Simkin;372779 wrote: That's ludicrous. There already are the 7.1 last September, the 5.3 on Boxing Day, the 6.3 on February 22 and two more 5.something quakes in April/May as separate events and each time EQC is liable to pay out the first 100K + GST. What more do insurance companies want? Not pay anything at all?

I don't know and don't know of a single person who has received a single cent from their insurance company yet. I do know people who have received money from EQC but not many.

Also the earthquakes' epicentres have moved quite a distance eastward from one to the next, with the trend still continuing, so any argument of "earthquake plus aftershocks" doesn't really bare scrutiny.

Harm Less Solutions.co.nz
NZ & AU distributor of Eco Wood Treatment stains and Bambu Dru bamboo fabrics and clothing

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11 years 1 week ago #379843 by NZ Appaloosas
Replied by NZ Appaloosas on topic Insurance rises...
I know someone who got an insurance cheque--for neither the amount of the work done and submitted to date, nor the full amount of the estimate for all work.

I just wanna know where the city council gets off thinking that they can charge full rates for the year to owners whose buildings were severely damaged in September...from what I hear this includes owners whose building sites have been cleared and cleaned. And the proposed 'earthquake' levy...

Diane


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11 years 1 week ago #379852 by igor
Replied by igor on topic Insurance rises...
My advice to all Chch ratepayers is don't pay for services you are not getting. If that means refusing to pay any rates at all because your building is gone and your land is now unbuildable then do that.

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