The Kaikoura earthquake combined with cyclones Debbie and Cook to hit the bottom line of giant insurer Suncorp New Zealand . The New Zealand arm of Australian insurer Suncorp, which includes Vero and its joint venture AA Insurance , announced a profit .
A spokeswoman for AA Insurance said it did not plan to increase premiums as a direct result of the major weather events but other factors were likely to drive a price increase over the next year. "We know that these types of weather events are expected.
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It has added another 10c to the price it is willing to pay, to $1.40 a share. It already owns almost 20 per cent of the insurance company. Suncorp, through its New Zealand business Vero, has competition for Tower, though - Canadian Fairfax Financial.
The AA warned it may have to raise prices after the Government has doubled the tax rate on insurance policies in less than two years. The breakdown service said it has so far been able to shoulder the extra costs after the Government has raised.
The cost of insurance has increased by 50 per cent over the past nine years and is set to lift again when extra levies are added this year to fund the Fire Service revamp and replenishment of the Government's National Disaster Fund. But there are ways.
New Zealand has higher rates of drug use than many other countries, yet very little is being done to detect and catch people who are driving drugged and putting lives at risk. The AA wants police to have access to roadside drug testing devices like.
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A spokeswoman for AA Insurance , Amelia Mcandrew, said the number of burglary claims had decreased at a national level last year, despite an increase in burglaries. The amount claimed for burglaries stayed the same, however. "It may be that Kiwis have .
Suncorp New Zealand also has a stake in AA Life and AA Insurance through joint venture with the NZ Automobile Association. Combined, Vero and AA Insurance control 25 per cent of New Zealand's insurance market. The merger would have meant two .
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Even third-party insurance differs between insurers. For example, says John Lucas, insurance manager at the Insurance Council of New Zealand , if you have third-party cover only, some insurers offer $1000-$5000 innocent-party cover if you're hit by a.