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# 81047 7-Apr-2011 09:32
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story  http://tvnz.co.nz/business-news/ami-closely-watched-government-4105344


is anyone with AMI changing insurers, im thinking about it but if everyone changes that would be the end of AMI but its my house and car so i need to think about it.




[Mod Edit :BH: Fixed link]

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  # 456250 7-Apr-2011 09:45
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I was going to change to AMI from Tower, since they really mucked me around with damage to my house. Took over 3 months including 6 different assessors and in the end I just asked for cash settlement and paid another 4k to get it fixed myself.

But yeah, I'm not sure who to change to now. If IAG buy AMI then I'll join it, but if someone else buys it I won't be quite so sure...




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  # 456251 7-Apr-2011 09:49
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OK for anyone living outside of Canterbury to jump ship and let her sink.

At present theres an Insurance freeze here unless you go through hoops to verify validity of no claim/current state of belongings :)

And here I was abusing AMI for upping my car insurance fees (full cover.. so it hurts as it is, 30%discount and still nearly 500 a year) due to the claims from Sept. WHoopsy AMI! Bit late for that one.

 
 
 
 


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  # 456263 7-Apr-2011 10:13
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$500m 'ohcrap' package announced if the funds run dry

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  # 456269 7-Apr-2011 10:20
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NZ Herald has breaking story that the Government will provide a $500 million support package for AMI

If I interpret the media statements of interested parties correctly AMI has exhausted all of its re-insurance and reserves so would have nothing in kitty to cover a new major event.

I support a public examination of the risk assessment practice of the directors and management AMI. As you will only be too aware events that were judged to once in one thousand year events have been happening all too frequently lately.

I am an AMI customer. I have a positive attitude towards mutual financial service providers such as AMI because they do not have the burden of making a return on capital for their owners and are thus able to offer a more competitive product.

Who assesses the riskiness of the risk assessors?




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  # 456310 7-Apr-2011 11:30
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Great...another public Bail out.

I would've joined had they sold it to a private company, but now there is no chance. NO joining something that I've been forced to pay for.




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  # 456322 7-Apr-2011 11:47

There have been rumblings about AMI for quite some time, as they appear to be heavily exposed to chch

All these bailouts are a huge worry. It could have been worse if all the finance comapies that failed before the guarantee came in were also covered. Guess that is why everyone is out buying properties again, savings in the bank are going to be inflated away if they have to print money. At least it shows that the government will look after people.

One thing that really irritates me is how labour has been critising national for bailing out SCF. It was infact Labour who put the guarantee in place that cover SCF inestors, so national had no choice but  to do this.

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  # 456344 7-Apr-2011 12:24
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As a long-time AMI customer I am seriously peeved with them. Rumours about possible problems with meeting claims started right after the September quake. The media reported that they did not have enough reinsurance in February. They were downgraded and put on watch in March. Now this. 

So why haven't they sent a letter out to existing customers to inform us of whats going on? They have had plenty of time to get a mass-mail out. Even some reassuring noises would do. I pay them nearly $3000 a year and the only communication I can expect is a bill. Not good enough.

 
 
 
 


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  # 456348 7-Apr-2011 12:37

To be fair to send out a mass letter would be expensive, and they may end up being ok. From what has been reported the gov will take over only if they can't pay out, but they aren't at that stage yet.

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  # 456350 7-Apr-2011 12:42
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Well, the way I feel is that dealing with 2 unprecedented issues is a bit tough. On the postive side AMI is probably the safest company now, as it is Govt guaranteed, so I suggest to stay with them as the easiest and safest thing to do, and no hassle either to change companies.

No, I dont work for them, car is insured with them, House etc with another company

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  # 456353 7-Apr-2011 12:48
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robbyp: One thing that really irritates me is how labour has been critising national for bailing out SCF. It was infact Labour who put the guarantee in place that cover SCF inestors, so national had no choice but  to do this.


That is true, but the fact the current government(National) extended the guarantee and the fact that SCF was allowed to partake in it in the first place is crazy
Bill English: "The current scheme ends on October 12, 2010. The new scheme will start on October 13, 2010 and end on December 31, 2011."

I think if SCF hadn't been so dishonest about their financial situation, then they wouldn't have been allowed into the scheme in the first place?

Oh well at least the "investors" who were living off other peoples misfortunes got most of their investments back...




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  # 456360 7-Apr-2011 13:04
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vinnieg: I was going to change to AMI from Tower, since they really mucked me around with damage to my house. Took over 3 months including 6 different assessors and in the end I just asked for cash settlement and paid another 4k to get it fixed myself.

But yeah, I'm not sure who to change to now. If IAG buy AMI then I'll join it, but if someone else buys it I won't be quite so sure...


Tower may be interested in buying AMI. http://bit.ly/eUHOnM




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  # 456375 7-Apr-2011 13:16
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I am an AMI customer and I am currently researching alternatives for home, car & contents. To wake up to find out your insurer is going down the gurgler is not something you want and leaves you with no confidence.

I came across from AA when they were rude & told me i had to buy a different car, so i MAY consider them based on reputation with family / friends.

Any recommendations people ?




 

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  # 456382 7-Apr-2011 13:30
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chiefie: Tower may be interested in buying AMI. http://bit.ly/eUHOnM
 

haha, oh no :S  damn it, guess I might have to switch to another company :( 


@Shock
 AA are all good for car insurance as long as your car isn't modified or on their most stolen list.  They won't insure me on my motorcycle though, which is a PITA.  but their service lately has been good, they have fixed my windscreen a few times and have always been polite.  Not sure how their home and contents insurance is though




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  # 456389 7-Apr-2011 13:42
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AMI are solid now, with the government backup. It's unlikely any other insurance company will take on Chch customers, it just wouldn't make sense. If I were with AMI i'd stick with them.

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  # 456438 7-Apr-2011 15:40
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This is wrong. Taxpayers shoudl not be baling out companies or the big company (the country) will go the same way and we'd be taken over by Australia..... Hey! thats not such a bad idea!

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