Winston Peters is renewing his call for a state-owned insurance company.
It comes as the country’s largest insurance company – IAG – looks to move more than 100 jobs from Christchurch to the Philippines.
The Deputy Prime Minister says the country needs a domestic competitor because the market is dominated by offshore ownership.
“[We have] excessive premiums and a loss of jobs to other countries, and this will go on until we make a stand and say ‘well we should have our own insurance company’.”
More economic insanity.
We have dozens or scores of insurers in NZ. Huge choice and variety. I’m with a NZ owned insurer – AA. They have good prices and service.
Consumer lists 17 insurance companies that do house and contents insurance.
Peters says jobs going offshore are eroding our own economy but National MP Gerry Brownlee is warning people not to jump on an emotional band-wagon about a state-owned insurance company.
He says we’ve already been there, done that – with the cost of AMI going under in the Christchurch earthquakes hitting tax payers in excess of $1.5 billion.
Last thing we need is taxpayers having to fund an insurance company.
Also Kiwibank does insurance already, so Peters really is just talking shit.