Comments

David Thompson Posted:
So very, very true. It beggars belief that we consider ourselves to be a developed nation when so much of our economy is based on selling milk powder or logs. BTW, I own a Plinius amplifier (my second) that drives a set of Theophany speakers.
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David Thompson Posted:
A robust but sobering report. It concerns me that confidence is rising, yet sales and exports are down and "manufacturers and exporters are still lagging behind other sectors". Surely we should wait until we're earning more money before we start spending more?
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siemens Posted:
Yes true! The only thing that will never die in this world is the nature and its science behind it. Great post.
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Kieran Ormandy Posted:
Thanks for the question Steven, Germany has seen increases in manufacturing employment since 2009, and Switzerland has had stable manufacturing employment between 2006 – 2011, even in the face of ongoing Euro-zone issues. Korea has seen increases in manufacturing employment since 2008 and Israel experienced large increases since 1998, while being stable over the last 4 years. Singapore has had increases in manufacturing employment over the last two years. These countries all value their manufacturing sectors and work to protect them, this is reflected in the above numbers and their performance through the GFC. Note data around the above examples was sourced from OECD labour market stats.
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John Walley Posted:
Point one: you should have no doubt what our Association says publically represent the views of our members. Point two: we don’t knee jerk responses, if you trace back our comments around NZPower you will see them link all the way back to our research in 2004 and 2005. All that material is fully linked from our comments above. Point three: you will note our comments on major users, sadly the same advantage does not accrue to smaller industrial users. The perverse incentives of the LRMC approach in all this are well known. Point four: the NZMEA is not like any other Association in New Zealand we admit only manufacturers and exporters into membership, and our public expressions are the views of that restricted membership.
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18/8/11

Discontent over earthquake insurance


Print-friendly 3 comment(s) Posted in: In the media

41 percent of respondents rate the overall performance of their insurance company’s response to claims as ‘very poor’ or ‘poor’ while only 18 percent rated their performance positively according to a New Zealand Manufacturers and Exporters Association (NZMEA) survey. The survey assessed damage after the June earthquakes and the performance of insurance companies and Government organisations. It showed that significant further damage has occurred setting back rebuilding plans. Overall there was significant dissatisfaction with the performance of insurance companies but the response to the efforts of the City Council, Civil Defence and the Central Government rated much better.

NZMEA Chief Executive John Walley says, “We have had complaints from a number of sources that insurance companies have been slow to pay out and this is obviously frustrating for firms wanting to get on with business rather than chasing insurance companies. At the extreme end a couple of firms have had to employ third parties to manage their claims.”

“Comments expressed concerns about insurance companies delaying claims, not responding to emails and only dealing with issues after being chased. Insurance companies have the experience and should be guiding claimants through the process rather than putting up roadblocks – it seems incredible that insurance companies would not have procedures in place to manage the claims process, after all these events are their business. QBE was rated poorly by all respondents insured and while it must be noted that some respondents did report a good experience with their insurers there were no companies that scored consistently well.”

“There have also been some concerns with new policies with excess required for a claim going up from $2,500 to between $100,000 and $200,000 in some cases. While it is understandable that costs will increase this leaves firms completely uncovered for a small event.”

“Government organisations received a better rating from respondents but anyone in the ‘red zone’ reported many problems accessing their buildings and with any documentation required on building fitness. Problems with officials losing reports on building work completed and attempting to demolish buildings without consent were reported.”

Please rate the overall performance of your insurance company:

Rating 1 (very good) 2              3              4            5 (very poor)
Percentage 4 14 41 18 23

Please rate the performance of your insurance company in responding to claims:

Rating 1 (very good) 2              3             4            5 (very poor)
Percentage 9 18 28 18 27

Please rate the performance of your insurance company in rolling over claims:

Rating 1 (very good) 2             3             4              5 (very poor)
Percentage 18 4 55 14 9

 How would you rate performance of the Council, Civil Defence and the Government:

Rating 1 (very good) 2              3              4              5 (very poor)
Percentage 9 45 18 14 14



tags: canterbury earthquake, insurance

comments

1 Comment(s)



Graham E Reed - 19 August 2011 at 11:05 AM
your figures on performance of insurance companies is about correct although I feel that a person should not have to place a clai9m with the EQC but this should be done by the insurance coimpany concerned as the EQ part is part of the insurance policy. This would mean or should hasten the speed of payment of claim. ( I am 85 years of age and strill think with a clear mind, cheers.

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