A new survey by AIA highlights the level of underinsurance in the New Zealand market.
It says three quarters of New Zealanders are trapped in a vicious cycle of debt and underinsurance leaving their families exposed to the risks of financial hardship if a wage-earner dies or is too ill to work.
Many people claim they cannot afford to pay the premiums even though their unearned expenditure funded through borrowings has risen by 16% over the past year to an historic high. [READ MORE HERE]
AXA to give away millions
AXA has established a charitable trust which aims to give away $42million over the next 20 years in New Zealand and Australia.
AXA New Zealand chief executive Ralph Stewart, said the trust aims to help the charities according to their expressed need, within the broader framework of supporting the homeless, the disadvantaged and sick children.
The AXA Charitable Trust has been established using money set aside during the demutualisation of the National Mutual Life Association of Australasia Limited in 1996 and which are left over after meeting the claims of policyholders who were allotted shares in the demutualisation.
St Laurence looks to issue more bonds
St Laurence Property & Finance Limited is considering making a new offer of bonds. Although it is not seeking money at the moment the offer is likely to have a rate of 9.25% and mature on May 15, 2011.
Bonds with an aggregate principal amount of up to $25 million will be issued. The proceeds of the issue of bonds will be applied by the Issuer to fund the group’s property investment and financing activities, and to repay some of the existing debenture stock previously issued by the Issuer.
Rate rise widely expected this week
Economists expect the Reserve Bank will raise the official cash rate (OCR) this week with much of the debate centring on just how much.
The OCR currently stands at 7% and the most likely decision on Thursday is that Reserve Bank governor Alan Bollard will raise it to 7.25%, although there's an outside chance he could raise it to 7.5%. [MORE]
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