I was reading about tort reform once and stumbled upon NZ's ACC concept and was staggered by its effectiveness. I suspect its success is due in part to NZ's population size, but any system that ensures all accident related issues are covered AND for the most part renders the civil courts redundant for personal injury claims is pretty phenomenal. I don't have a source for this, but I also remember reading that the ACC is now one of NZ's largest institutional investors with something like $30bn under management!
Does it cover loss of income and other consequential losses from the injury? If person A's negligence causes the loss of arm of person B, once person B is out of danger of dying and the acute injuries have healed, person B still has on-going harm from person A.
Suppose person B was a surgeon and lost their dominant arm/hand. Is that loss of income covered by ACC, via suing person A, or "too bad, so sad"?
I don't know the exact details, but yes, your income is covered up to some percentage, I'm not sure exactly what (80% springs to mind but I'm not certain - though Wikipedia suggests it's about right: https://en.wikipedia.org/wiki/Accident_Compensation_Corporat... )
