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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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28/2/12

Insurers ‘very poor’ on business interruption say half of survey respondents


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A New Zealand Manufacturers and Exporters Association (NZMEA) survey of manufacturers in the Canterbury region has identified business interruption as the biggest insurance problem for firms after the earthquakes. The survey was conducted between the 13th and 17th of February. Full results tables are available here.

The survey asked respondents to rank their insurers from ‘very good’ to ‘very poor’ on overall performance, rolling over policies, material damage and business interruption, as well as collecting comments.

Business interruption claims received the worst rating with half of the respondents reporting their insurer had been ‘very poor’ and only 20 percent giving a positive rating. Insurers rated the best in rolling over policies with half of all respondents ranking them positively.

NZMEA Chief Executive John Walley says, “The indemnity period for business interruption ran out on February 22nd for half of the firms surveyed so it is not surprising business interruption was the biggest issue.”

“The comments centred on payments being too slow making it difficult for firms to meet costs, and fine print making it difficult to substantiate a claim. Delays in dealing with material damage mean that repairs, and the business lost while they occur, will take place outside the business interruption indemnity period for some firms. There is a view that the indemnity period should be extended in these cases and there is some talk of legal action if insurers do not comply.”

“It is pleasing to see policies getting rolled over, even if premiums and excesses are increasing, and it is noticeable that where insurance companies have communicated the reasons for delays then they have tended to enjoy better ratings,” says Mr Walley.

“It is important that this performance improves and insurers start to take on new risks so that firms can get back to focussing on their own activity rather than building and insurance distractions.”
 



tags: earthquake insurance, business interruption, material damage

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