Dunedin insurance broker ordered to pay Asteron $371K

Peter Taylor had lodged a High Court claim against his insurer, Asteron Life, after the company stopped making payments amid unanswered questions about his finances.

Asteron then lodged a counter-claim, seeking reimbursement for payments made to Taylor over four years.

In findings favouring the insurance company, Justice Cooke outlined how Taylor had spent significant sums on a new holiday house at Karitane, two Mercedes Benz coupes and trips to the Pacific, all while relying on insurance payments from Asteron.

His spending included a ''well over'' $700,000 new holiday house at Karitane, which Taylor argued was necessary because his illness meant he could no longer travel regularly to another home in Wanaka.