NZ insurers and brokers now have one big reason to vote for the opposition National Party: it says it might privatise the workers’ compensation insurance if it wins this year’s general election.

The Insurance Council of New Zealand has welcomed the release last week of the National Party’s much-anticipated policy, which confirms it will “investigate” opening the state-controlled Accident Compensation Corporation (ACC) Work Account – which covers all employees and the self-employed – to competition.

It also says it will conduct a full review of the ACC scheme because action is needed to reverse the comparatively high workplace accident rate in NZ.

Nationals leader John Key says the party “supports the introduction of competition and choice to the ACC Work Account”.

ICNZ Chief Executive Chris Ryan says competition could improve rehabilitation time and give employers more incentives to improve safety practices.

“The benefit of competition is choice, and better individual risk pricing,” he told insuranceNEWS.com.au. “We’re happy with this approach.”

National enjoys a 20-point lead over the incumbent Labour Government of Helen Clark in opinion polls. The election is due before December.

The ACC was privatised by the previous National-led government, but it was re-nationalised when Miss Clark came to power in 1999.