[GRTV] Time to change debate on replacement business

New Zealand’s insurance industry is too focused on the potential problems with replacement insurance business, and not thinking about the good reasons why it might occur, Katrina Church, head of client engagement at Insurance People, says.

Church said there were many old policies in the market that were not serving clients well.

“The policy wordings we have today are so much more flexible, but we're not actually discussing that. Setting a standard, helping our clients de-risk and just making sure that they have a better outcome.”

She said the regulators did not understand the issues when they tried to crack down on the perceived problem.