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Record number of claims a sobering reminder on insurance - Canstar

Fuseworks Media
Fuseworks Media

Recurring natural disasters and extreme events are an ever-present reminder for New Zealanders about the importance of insuring their homes.

Earthquakes in Christchurch, Wellington and Kaikoura and Cyclone Gita have hit households and insurers, generating unprecedented interest in the residential insurance sector.

The Insurance Council of New Zealand says severe weather events cost insurers more than $226 million in 2018 - with more than half paid out as home and contents insurance claims. For two consecutive years (2017-2018) insurers have had to process a record number of claims.

Canstar General Manager Jose George says: "The events of the last few years mean New Zealanders need no reminding about the importance of taking out home and contents insurance. But for some living in areas which are deemed at greater risk of natural events, insurers are showing themselves more wary about extending cover.

"Rising sea levels and climate change will also substantially change the picture for insurers and homeowners over the next few years."

Canstar is pleased to announce that FMG is the winner of its Home and Contents Insurance Most Satisfied Customers Award.

Jose George says: "It’s always wonderful to congratulate a new and first-time winner and FMG has certainly earned its place at the top of a very competitive market.

"FMG’s stellar performance is highlighted by the fact that it’s the only home and contents insurance provider to have earned a 5-star rating across every one of our six categories, including communication, quality of service, ease of claim and value for money, achieving an overall satisfaction rating of 5-stars."

FMG’s General Manager of Client Propositions and Communications, Pete Frizzell, says: "As a 100% Kiwi-owned and operated mutual insurer, building relationships with clients and rural communities is core to our business, so to receive the 2019 Canstar Most Satisfied Customers Award means a great deal to FMG."

Customer satisfaction ratings

About this research

Canstar surveyed 1,480 New Zealand consumers across a range of categories to measure and track customer satisfaction, via ISO 26362 accredited research panels managed by Qualtrics. The outcomes reported are the results from customers which currently have a home and contents insurance policy and have made a claim within the last three-years. In this case, 1,480 New Zealanders.

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