Insurers stand with communities as weather recovery begins
New Zealanders are once again facing the challenge of cleaning up and recovering after another round of severe weather, particularly
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.
What Makes Up 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.
Explore
Discover more
Latest
Insurers step up as recovery gets underway
New Zealanders are now turning their attention to clean-up and recovery efforts following the easing of severe weather conditions across
New Partnership Unites Sectors to Strengthen New Zealand’s Disaster Resilience
A Natural Hazards Resilience Partnership has been signed today to enhance New Zealand’s response to and recovery from natural disasters.
It’s time for future Budgets to invest in resilience and recovery
Kris Faafoi is chief executive of the Insurance Council of New Zealand | Te Kāhui Inihui o Aotearoa (ICNZ). This article appeared
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Office of the Privacy Commissioner’s draft guidance on new Information Privacy Principle 3A
Financial Conduct Amendment Bill
Building and Construction Small Stand-alone Dwellings Amendment Bill
Financial Services Providers (Registration and Dispute Resolution) Amendment Bill
XRB Request for Information on International Alignment of Climate Reporting
