Govt’s National Adaptation Framework a vital first step
The Insurance Council of New Zealand | Te Kāhui Inihua o Aotearoa (ICNZ) has welcomed the Government’s National Adaptation Framework
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The portion of your premium that your insurance provider will have calculated to fairly reflect the cover provided and ensure they remain sustainable, so they are there for customers when the unexpected happens. This accounts for roughly 46% of your premium.
Your premium also includes the costs of reinsurance, which is a global market that provides insurance for insurance companies. It accounts for about 20% of your premium.
The Fire and Emergency NZ (FENZ) levy is collected by all insurance companies on behalf of the Government and funds FENZ to deliver fire and emergency services to all New Zealanders. The FENZ levy makes up around 5% of your premium.
The Natural Hazards Insurance (NHI) levy is collected by all insurance companies on behalf of the Government and helps fund earthquake and other natural hazard insurance cover provided by the Natural Hazards Commission (NHC). The NHI levy makes up about 24% of your premium.
The Goods and Service Tax (GST) is a charge that is applied to insurance premiums and paid to the Government. GST makes up around 13% of your premium.
There are many factors that can have an impact on the amount of premium that insurers charge, such as what you’re insuring, your claims history and the cost of those claims, reinsurance rates and levies and taxes set by the government.
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The Insurance Council of New Zealand | Te Kāhui Inihua o Aotearoa (ICNZ) has welcomed the Government’s National Adaptation Framework
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The Fair Insurance Code clearly
outlines how your relationship
with your insurer should work.
The Annual Review outlines the
activities and achievements of
ICNZ over the course of a year.
The Annual Review outlines the
activities and achievements of
ICNZ over the course of a year.
The Annual Review outlines the
activities and achievements of
ICNZ over the course of a year.
The Annual Review outlines the
activities and achievements of
ICNZ over the course of a year.
The Fair Insurance Code clearly
outlines how your relationship
with your insurer should work.
Consultation on a National Policy Statement for Natural Hazards
FMAs Consultation Seeking Feedback On Current Standard Conditions
Financial Markets Conduct Amendment Duty to Provide Financial Services Amendment Bill
Office of the Privacy Commissioner’s draft guidance on new Information Privacy Principle 3A
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