Suncorp NZ faces $8m remediation over discount issues

By Paul McBeth | Tue, 11 Feb 2020


Suncorp Group’s New Zealand division has set aside $8 million to cover remediation costs for its general insurance unit at a time when insurers prepare for closer regulatory scrutiny.The Brisbane-based financial services firm is a major Kiwi player in general and life insurance, with a suite of New Zealand brands including Vero Insurance, the AA Insurance joint venture, Asteron Life and AA Life joint venture.Life insurers bore the brunt of regulatory disapproval in a joint Reserve Bank-Financial Markets Authority review into conduct and culture...