NZ’s State Insurance pushes up motor premiums 10-15%
Leading NZ insurer State Insurance has lifted average vehicle premiums by 10-15% after changing the way it prices risk.
Company spokesman Gabi Selwyn told insuranceNEWS.com.au the company has introduced tailored risk pricing, which means premiums will come down for some customers even though average rates are rising.
“It’s mainly due to the fact we are now pricing risk based on individual assessments,” she said. “Events last year show NZ is also becoming a riskier place to live.”
Ms Selwyn says higher repair prices and other claims costs are also contributing to rising premiums.
Company spokesman Gabi Selwyn told insuranceNEWS.com.au the company has introduced tailored risk pricing, which means premiums will come down for some customers even though average rates are rising.
“It’s mainly due to the fact we are now pricing risk based on individual assessments,” she said. “Events last year show NZ is also becoming a riskier place to live.”
Ms Selwyn says higher repair prices and other claims costs are also contributing to rising premiums.