You may have heard, read or received a message in the last few months from your insurer telling you that your premiums are going to be increasing. We understand that’s not the news many want to hear, so we thought it’d be useful to explain why premiums are set to increase.
It’s been a difficult couple of months for many New Zealanders, especially those in Auckland, Northland, Gisborne and Hawke’s Bay who have all been affected by the floods and Cyclone Gabrielle. All over the news we’ve seen videos and images of dangerous flood water, destroyed buildings and damaged property, not to mention the heart breaking loss of life.
As 2022 draws to a close, I’m sure many of you are looking forward to a break and some time away with family and friends – a chance to recharge the batteries, reflect on the year that’s been and look forward to the year ahead.
Having a small bach by a long stretch of golden sand has always been part of the Kiwi dream. There’s no better place to spend a summer than on the beach eating hokey pokey icecream, fishing off the rocks and building sandcastles with the kids. But, like all your assets it’s important your bach is insured and you and your family are protected against any unforeseen events that might come your way.
Over the last few years we’ve seen a number of key factors having an increased influence on the insurance market in New Zealand, which has resulted in shrinking capacity for insurers and rising premiums for consumers.
From 1 October 2022, the amount of cover offered by Toka Tū Ake EQC (EQC) for houses damaged in natural disasters is increasing from $150,000 to $300,000 (plus GST). This means that if your house is damaged in an earthquake, tsunami, volcanic eruption, hydrothermal activity or landslide EQC will now cover up to the first $300,000 worth of damage.
As borders continue to open up around the world and Kiwis start to pick up on the travel plans they’ve had shelved for the last few years, the topic of travel insurance has never been more relevant.
As we enter the summer months it’s with some optimism that we now leave the past few months of lockdowns and covid fatigue (especially for Auckland) and look forward to less restrictions as we try to manage our new normal which we think looks far more appealing than lockdowns.
We are pleased for those of us able to now operate at alert Level 2 from today. We continue to hope that Auckland can join us and move down the alert levels quickly and safely.
aibGROUP staff will continue to work from home at level 3 in Wellington and Level 4 in Auckland. Please continue to contact us via phone or email during this time. If an urgent or essential meeting is required please contact your AIB broker to assess and discuss.
aibGROUP staff are all working from home at level 4 and are fully equipped to provide business as usual. Please feel free to contact us via phone or email during this time.
