Just a short note. I remember when ACC was privatised in 1998. The Australian insurance company our business insured with went into liquidation in 2001. I have no idea what happened to the existing claims but guess they were all handed to ACC. Fortunately by then ACC was compulsory and back on track.
The calls here on many threads for privatisation are understandable but ill-considered. Insurance companies only exist if they can make a profit. They must do so for their banks and shareholders.
No insurance company deliberately creates a loss-leader like motorcyclists. There is no political or economic benefit in being kind to a small group - unless our MPs all start riding bikes.
ACC does not exist to make a profit. That may mean it's a bit generous sometimes but we benefit. I'd much rather have that than an insurance assessor checking every few days and suddenly ruling off your compensation.
Bookmarks