News Non-Life19 Mar 2018

New Zealand:Consumer NZ wary that Kiwis are buying insurance they can't claim on

19 Mar 2018

New Zealand's consumer watchdog is concerned that Kiwis are being sold credit card insurance they will never be able to claim on.

Ms Jessica Wilson, head of research at Consumer NZ, said: "We've had complaints from consumers paying for the insurance but because they're over 65, the policy conditions restrict their ability to claim."

Consumer NZ's comments were made after Australia's largest bank Commonwealth Bank of Australia (CBA) removed its credit insurance products from the market and will pay out up to A$16 million (US$12.3 million) over similar worries, reported New Zealand Herald.

CBA is now working with the Australian corporate regulator, ASIC, over paying refunds to the estimated 140,000 people who may be affected, and has put aside A$16 million.

CBA's New Zealand subsidiary, ASB Bank, says it stopped selling credit card and personal loan insurance in mid-February, but that decision was unrelated to events in Australia and "part of a wider year-long programme to simplify ASB's insurance offering for our customers".



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