David Cunliffe

Labour Leader

2 November 2013                                        

MEDIA STATEMENT

KiwiBank-style insurer for all New Zealanders

A Labour government will set up a KiwiBank-style insurance company to provide a local alternative in an industry dominated by foreign-owned businesses, Labour Leader David Cunliffe says.

“Building on the success of KiwiBank, Labour will create a local insurance company called KiwiAssure which will work for all New Zealanders.

“Kiwis are sick and tired of seeing their hard-fought for assets sold off to foreign interests.

“KiwiBank was a breath of fresh air when launched by Labour and Jim Anderton in 2002. It gave New Zealanders, who were frustrated with big overseas players, a home-grown banking alternative.

“The Christchurch earthquakes have left thousands of Cantabrians struggling to get their claims approved and households throughout New Zealand face more restrictive cover for years to come.

“Christchurch residents know their pay-outs have been slow and the services they’ve received have been patchy.

“Many New Zealanders are concerned the sum insured changes have pushed up their premiums. They want the assurance of a service-focused state-owned company that has their best interests at heart.

“KiwiAssure will offer New Zealand families a responsive and innovative insurance alternative they will share a stake in.

“Subject to a business case, KiwiAssure will be a sister company of KiwiBank and will evolve out of the existing Kiwi Insurance Limited. It will offer home, contents and vehicle insurance, along with cover for small business plant and equipment.

“With 90 per cent of the insurance sector owned by overseas interests, a Labour government will ensure Kiwis can choose to keep profits from this crucial industry in New Zealand,” David Cunliffe says.

ENDS

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