Technology entrepreneur Michael Speight has said that rules need to be introduced to force motor and home insurers to disclose their premium rates, for improved transparency and promote competition.
Providers of motor and home insurance in New Zealand should be forced to offer greater transparency around pricing, according to Michael Speight, co-founder of price comparison website Glimp.co.nz. The Government is considering a proposal that would force insurers to disclose the cost of their policies on an annual basis for all customers, including those who are not covered by any other insurance. Two companies, IAG and Suncorp, account for three-quarters of the motor and home insurance market, according to Speight.