New Zealand - The Good, The Bad and The Ugly.

[davetapson]

Making it up as you go along........ which is fair in a sense but there is so much data now showing you cannot hide, and it will not go away. Furthermore, lockdowns are in effective and do more harm than good.

 

Yeah, maybe, nah.  If you lock down properly, it works.  NZ and China have done it already once.

 

If you don't do it properly, don't bother, wasting your time, apart from maybe flattening the curve and taking some stress off the medical community (which is all we were originally trying to do, until the lockdown worked, covid disappeared and everybody became a bit confused as to what to do next, because nobody else, apart from the Chinese have done it properly.)   

 

Of course in China it took welding folk into their buildings, in NZ societal pressure about the same thing...

 

Although with the amount of folk wondering around without masks, I think they're getting a bit over it.

[Rocket-Boy]

This particular insurer is underwritten by Vero. Neither have been in contact with me regarding any of the above.

 

My other bike was insured with Youi (which then got taken over by Tower). So good to note that they may be troublesome.

 

I did look into AA as I am a member, but even with member discounts they were a lot more expensive. In fact when it comes to insuring an Austrian enduro bike for road use, most insurers treat your like you're trying to insure a homemade nuclear powered jetpack with anthrax crop-dusting capabilities. The premiums were astronomical, ranging from around $60pm to $150pm (all for comprehensive). So I chose the $60pm option (Youi)

I was surprised to see the insurance industry is quite similar in AU and possibly NZ, to what it is here.

 

I have a pretty big client on that side of the world and while one of the team was working in the servers they noticed that all of the insurance brands they deal with are all just the same company.

 

In SA its also pretty similar with a good chunk of insurers actually being the same company but different brands.

Edited August 24, 2020 by Rocket-Boy

[davetapson]

At the risk of peeing y'all off... Scott Pape again:

 

“Get out now.”

That’s the advice the CEO of NAB has given to homeowners who are struggling to make their repayments.

Yes, in his quarterly trading update last week, NAB’s new-ish chief, Ross McEwan, warned:

“There will be some circumstances where people are better off selling out early and taking some equity out of their homes, or keeping some equity, before it disappears.”

While most of the media didn’t give his words much attention, there are two good reasons that you and I should:

First, because in all the years I’ve been doing this column I’ve never heard a bank boss speak so candidly.  

Bank bosses are basically politicians: they get parachuted into the top job, stay there for five years, and rocket out with $40 million. Their main job is to stick to the script: “keep lending”. (And we’ve all witnessed how bad things go when bank bosses go off script, like getting into wealth management.)

So why is NAB’s CEO sticking his neck out?

Well, that brings me to my second point: he obviously doesn’t like what he sees on the horizon.

And know this: McEwan isn’t peering into a cloudy crystal ball. Over the years NAB has invested billions into tracking its customers’ every financial move. In fact, all the banks have incredibly detailed customer analytics that tell them what people are doing — or not doing — with their money, in real time.

Now, according to the banking regulator, APRA, roughly 1 in 10 mortgages in Australia are paused.

Which gets me thinking ...

On one side, how long can the banks cop 10% of their customers not paying?

On the other, when will customers who are really struggling finally bite the bullet?

It’s a grim situation.

My hunch is that the banks are betting that the overwhelming majority of their customers will get through this. Yet they also know a small number of their customers won’t, and so they (well at least Ross McEwan) are turning up the heat on them.

My advice?

Please don’t misquote me: I am not saying you should sell your home.

What I am saying is don’t be a frog … if you were in hot water before COVID hit, don’t just sit there bubbling away.

We’re still early on in this crisis, and you have more options than you think. And if you want someone independent (and free!) to walk beside you and carefully lay out your options, call the National Debt Helpline on 1800 007 007 and speak to a financial counsellor (like me) immediately.

The last word goes to McEwan:

“We’ve seen in other crises around the world, when people try to hold on they end up walking away with nothing.”

[patches]

I was surprised to see the insurance industry is quite similar in AU and possibly NZ, to what it is here.

 

I have a pretty big client on that side of the world and while one of the team was working in the servers they noticed that all of the insurance brands they deal with are all just the same company.

 

In SA its also pretty similar with a good chunk of insurers actually being the same company but different brands.

 

Yup, no wonder Douw Steyn is so loaded.

 

Even Hippo his "independent" insurance comparison tool, mostly compares his various brands of insurance.

[intern]

Meanwhile,back to insurers. Got two letters from AA Insurance this morning, saying:

 

Hi Donovan,

Great news

Back in April, we announced that we had received fewer motor claims during the COVID-19 lockdown and would be providing a rebate to our motor customers. Now that we have a clearer picture of the impact on our claim costs, we’re pleased to be doing just that!

 

Everyone who held a personal motor policy with us and paid premiums between 24 March - 13 May 2020 will get back approximately 42% of the policy’s base premium during that time. The base premium excludes all applicable taxes and levies.

 

 

They are paying me back around $130 in premiums from the COVID lockdown when I couldn't use my cars.

[intern]

At the risk of peeing y'all off... Scott Pape again:

 

“Get out now.”

 

“We’ve seen in other crises around the world, when people try to hold on they end up walking away with nothing.”

 

This is exactly what I have done. Now putting money into shares I believe are heavily COVID discounted.

Irony of course being that some of the shares I'm buying are banks  .

[patches]

Meanwhile,back to insurers. Got two letters from AA Insurance this morning, saying:

 

Hi Donovan,

Great news

Back in April, we announced that we had received fewer motor claims during the COVID-19 lockdown and would be providing a rebate to our motor customers. Now that we have a clearer picture of the impact on our claim costs, we’re pleased to be doing just that!

 

Everyone who held a personal motor policy with us and paid premiums between 24 March - 13 May 2020 will get back approximately 42% of the policy’s base premium during that time. The base premium excludes all applicable taxes and levies.

 

 

They are paying me back around $130 in premiums from the COVID lockdown when I couldn't use my cars.

 

Haha, nice!

 

I got about $50 back from Tower for the car

 

The irony was that the car got used MORE during Level 4

 

(as I was considered "essential" and I usually bus to work, but staff parking became free, and with traffic massively reduced, I took it as a good time to drive in each day)

[patham]

Meanwhile,back to insurers. Got two letters from AA Insurance this morning, saying:

 

Hi Donovan,

Great news

Back in April, we announced that we had received fewer motor claims during the COVID-19 lockdown and would be providing a rebate to our motor customers. Now that we have a clearer picture of the impact on our claim costs, we’re pleased to be doing just that!

 

Everyone who held a personal motor policy with us and paid premiums between 24 March - 13 May 2020 will get back approximately 42% of the policy’s base premium during that time. The base premium excludes all applicable taxes and levies.

 

 

They are paying me back around $130 in premiums from the COVID lockdown when I couldn't use my cars.

 

I did a double take at the name at first glance, wondering how come one of my real mails had gotten embedded into the hubstuff?

 

Anyway, nice name.

[intern]

I did a double take at the name at first glance, wondering how come one of my real mails had gotten embedded into the hubstuff?

 

Anyway, nice name.

 

Hahaha - I use it to pick up CHICKS bru.

[Rocket-Boy]

Yup, no wonder Douw Steyn is so loaded.

 

Even Hippo his "independent" insurance comparison tool, mostly compares his various brands of insurance.

I had to pull out some details on my post because I actually like my job, but from my observations there arent many independent insurers in these countries.

[davetapson]

. 

Edited August 25, 2020 by davetapson

[intern]

. 

 

I just liked that Dave because I am lekker.

[Wayne Potgieter]

I just liked that Dave because I am lekker.

You should always "Like" a post with a point well made.

[intern]

You should always "Like" a post with a point well made.

 

See what I did there 

[davetapson]

Wiseasses..!!

I put in a 'me-too' post reply to Rocketboy and then re-thought my career prospects.

[davetapson]

Ah, at last.  I was feeling left out... $52.  I need to buy a more expensive car.  Or more toys. Or both.
 

 

 

Hi David,

Great news

Back in April, we announced that we had received fewer motor claims during the COVID-19 lockdown and would be providing a rebate to our motor customers. Now that we have a clearer picture of the impact on our claim costs, we’re pleased to be doing just that!


Maybe they got some guy in a back room typing these emails out by hand and only got to the 'T's now...

Edited August 25, 2020 by davetapson