No - increases to reinsurance costs aren’t specific to AA Insurance. Recently, increasing reinsurance costs have impacted premiums across the insurance industry. This has been influenced in the past year by extreme weather events, including the North Island floods and Cyclone Gabrielle. As a result of these types of events, and even past events such as earthquakes, reinsurers are changing how they view New Zealand and the costs being charged to insurers, which means reinsurance costs have increased significantly.
In this section
- Why has my premium gone up even though sum insured has decreased?
- Why has my premium gone up even though my agreed value has decreased?
- Why have reinsurance costs increased?
- I don’t live in a flood zone, earthquake prone or high risk area – why has my premium increased?
- Are AA Insurance the only ones impacted by a change in reinsurance costs or is this an industry wide change?
- I haven't made any home or contents claims in the past, why are my premiums going up?
- I haven't made any car claims in the past, why are my premiums going up?
- Why has my premium increased more than inflation?
- Do you price match with competitor premiums?
- Can I expect to see my premium increase for my policies in future?