25 Jan 2024

Insurance costs raised by up to 20 percent says Insurance Council

From Morning Report, 8:23 am on 25 January 2024

The Insurance Council says the cost of insurance in New Zealand has risen by between 12 and 20 percent in the past year.

Figures released by Stats NZ on Wednesday, show that inflation has slowed to its lowest level in more than two years, but domestic price pressures remain stubborn.

Insurance is one of these pressures, along with rising construction costs and other factors.

Insurance Council chief executive Tim Grafton spoke to Ingrid Hipkiss.