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Big insurer wins Roger Award

NZ NewswireNZ Newswire 1/05/2016

Five years after the deadly 2011 Christchurch earthquake, IAG/State Insurance has finally cracked its Roger Award duck, being named the worst trans-national corporation operating in New Zealand.

The insurance giant was named the winner of the dubious award over the weekend, beating off Serco, Apple, Bunnings, MediaWorks and Westpac.

"IAG/State Insurance was a finalist for the fourth consecutive year, which will be no surprise to anyone who has lived in Christchurch since 2010," said Murray Horton, secretary of Campaign Against Foreign Control of Aotearoa.

Three of five judges believed the insurer was the clear winner because of its economic dominance and impact on people.

IAG disclosed a significant portion of its Canterbury quake costs in the lower tax jurisdiction of Singapore and last year Jacki Johnson was the highest paid chief executive in New Zealand - paid $4.59 million, Mr Horton said.

"There's money to be made from other people's misery."

Insurance trans-nationals, of which IAG/State was by far the biggest, were still making life hell for thousands of Christchurch people, Mr Horton said.

The Roger Awards, established in 1997, are named after Sir Roger Douglas, the former Labour finance minister responsible for wide-reaching market reforms introduced in the 1980s.

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