Private insurance market hurting homeowners - Winston Peters

Winston Peters is describing the state of the insurance market in Wellington as 'chickens coming home to roost'. IAG, which owns State, AMI and NZI, is taking on fewer new customers in the Wellington area on the grounds it needs to reduce its exposure to earthquake risk. Real estate agents in Wellington are warning of serious consequences for home buyers and sellers as a result. Winston Peters tells Jane Patterson that privatising the state-owned insurance company in the 1990s came at a cost to homeowners.