Chatswood's Bank and direct price comparison survey has been updated and is available for purchase. Please contact me directly for more details of the changes since the last update was done in April 2017.
In this Newstalk ZB report Winston Peters, Deputy Prime Minister, has called for a new government-owned, New Zealand Insurer. Peters is talking about a general insurance company, but before you consider the wider question - life insurance - Gerry Brownlee has points out that, in effect, NZ already has one: AMI, as a result of the bailout required after the Christchurch earthquakes.
If you apply the same logic to life insurance, the state already owns at least one of those: Kiwi Insurance Limited, part of the Kiwibank group of companies, is already state owned. Plus, the New Zealand Superannuation Fund owns a substantial stake in Fidelity Life Assurance Company.
There could be many directions of argument on the idea of a new general insurer, owned by the state. Although there strong strand of economic nationalism behind what Peters has said he might find that there are others that worry about the high levels of concentration of insurance brands under two large Australian-owned insurers. Those voices might welcome a new insurer joining the field. Still others might reflect that like-it-or-not government is always, kind of, the insurer of last resort, (for example - supporting AMI, running ACC and EQC) so acquiring still more risk might not be such a bright idea. The first step is to be clear about whether there really is a problem with general insurancee in New Zealand - what evidence of actual market failure is there?
Meanwhile, since we're on the subject of general insurance, the New Zealand Initiative has an excellent report on the insurance system following the Christchurch and Kaikoura earthquakes. You can find the report at this link, but here are three summary recommendations as they apply to private insurers:
Government should follow through with proposed changes to insurance that make private insurers the first port of call for claimants in major events, but strengthen audit procedures appropriately;
Government should quickly seek declaratory judgments in key test cases arising after a major disaster; and
Government should consider mechanisms like the Reserve Bank’s OBR for failed insurers.
We have just uploaded the Quality Product Research Limited database QPRV10.1 to Quotemonster and subscribers. This version included the following changes:
ANZ Trauma Cover:
Policy wording also updated to the most recent document in the database, standalone cover.
ASB Mortgage Protection Review:
Review & change made to Offsets / Mental Health Limitation / Partial Disability provisions
Enhancements of Trauma, TPD & Mortgage Protection for Business and Personal products (effective 19 June 2017)
Kiwibank Mortgage Protection Cover:
Product has been rated & policy wording uploaded to database
Westpac Trauma (accelerated only)
New score added under ‘Diagnosis & Partial benefit’ to capture ‘minor heart attack’
Sovereign Critical Illness
Updated pricing is being tested and will be applied to Quotemonster by tomorrow morning. The policy wording for these product enhancements has not yet been reviewed and will be reviewed and updated by 26 June, the QPR database will be updated again during that week.
"Banks have mounted an all-out attack on Financial Advisers Act (FAA) reform proposals to clearly distinguish ‘sales’ from ‘advice’ setting themselves at odds with industry bodies and consumers."
and also adds for clarity that
"...the big four Australian-owned banks and Kiwibank all strongly argue against introducing a formal distinction between ‘salesperson’ and ‘financial adviser’ into the regulatory mix."
Those a pretty strong words from David. I was interested in how we know that consumers would like a clearer distinction, and you might be too:
"An accompanying MBIE survey also found almost 90 per cent of consumers said “clarifying the difference between ‘sales’ and ‘financial advice’ would help them better understand what they are receiving”
There are a number of reasons why you may not be able to see the banks on Quotemonster or in the pdf reports.
We don't offer the premiums for the banks on Quotemonster and therefore you will only be able to view banks if you subscribe to QPR.
If you are using QPR and can still not view the banks it may be due to either of these:
The banks may not offer the product or options that you are quoting on. For example, a number of the banks do not offer Standalone products, they only offer Accelerated so please ensure the banks offer the products you are quoting.
You have to ensure that you select the banks in "Step 3: Compare Insurers" in the "Research" tab. There is a drop down box labeled "Select More Companies" which lets you select which companies you want to appear on your report. Make sure you select the banks here and click 'Save'.
If you are still having issues please feel free to contact us on (09) 480 6071.