John Duffy: Consumer NZ CEO on the increasing costs of car insurance

Owning a car is getting more and more expensive.  Online Insurance Platform Quashed reported a 40% increase in average comprehensive and third-party quotes over the last year.   Stats NZ is reporting a 22.6% overall.  Consumer NZ CEO John Duffy told Mike Hosking that there’s a lot of causes behind this, but a big one is unforeseen weather events such as Cyclone Gabrielle.  He said that insurers are seeing that that kind of event could happen again, and are updating their pricing accordingly.  LISTEN ABOVE See omnystudio.com/listener for privacy information.