New Zealand First has pledged to give full compensation to Christchurch landowners:
All Christchurch uninsured red-zoned land owners who accept the current Government’s 50 per cent compensation offer will get the other half should New Zealand First become part of the next coalition Government.
Ensuring these landowners are treated fairly and receive the full rateable value of the land will be a bottom line in any coalition negotiations. . .
The party obviously doesn’t understand that what it regards as treating these landowners fairly would be treating insurance companies, their staff and shareholders, and taxpayers most unfairly.
This would kill the insurance industry because no-one would bother insuring their properties if they knew the government would pick up the pieces after a disaster.
This policy passes all the risk and costs from private property owners and insurance companies to the government which means taxpayers.