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IBANZ launches "CoverNote Live" website with the latest news for professional insurance brokers
20 Feb 2018
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Thought provoking article on brokers
13 Feb 2018
Steve Bennett of Sparta writes a thought provoking article on insurance brokers - "Does your company culture help or hinder your business".
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Illusion of insurer competition
12 Feb 2018
A proliferation of brands from a few providers is camouflaging a high insurance market concentration in Australia, according to a Productivity Commission draft report.
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Ratings downgraded
12 Feb 2018
Trading in the shares of Auckland-based insurer CBL Corporation remain suspended on the New Zealand and Australian securities exchanges as the company considers a capital-raising of more than $NZ100 million.
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Sth African insurer culls NZ workforce
12 Feb 2018
Youi says in a statement to insuranceNEWS.com.au that natural attrition has affected staff numbers and a “small number of redundancies” were made with the rationalisation of its roadside assistance service.
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Driverless cars: the big questions
08 Feb 2018
There are questions surrounding liability that remain unanswered when it comes to driverless cars, according to an expert - Arun Baid, global delivery head, insurance, at Cognizant
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NDBI - next missing piece
07 Feb 2018
“Non-physical damage business interruption (NDBI)…is the next stage in the evolution of covers.” So says the world’s second-largest reinsurer, Swiss Re.
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Reinsurance pricing up, a little
06 Feb 2018
Reinsurers were able to increase rates throughout January renewals but not by as much as some may have thought, according to John Carroll, head of broking at Aon Benfield.
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Government to widen review scope
05 Feb 2018
A Government review of insurance contract legislation may be extended to cover other aspects of the industry. The terms of reference of the review are still being worked out, but it may be wider in scope than originally thought.
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A changing insurance sector
02 Feb 2018
Tim Grafton (ICNZ Chief Executive) - Insurance Business column on a changing insurance sector and what needs to stay the same.
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Business travel risks predictable
02 Feb 2018
New data from SOS titled ‘Rethink Unpredictable’, determines upcoming business travel trends that challenge the concept of volatile travel risks.
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Bank haircuts, insurance holes
02 Feb 2018
OPINION - Rob Stock: The last decade has taught us a lot about breathing life into dead banks, finance companies and insurers.
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Research funding on natural disaster
02 Feb 2018
The Earthquake Commission (EQC) is funding investigations on New Zealand’s big natural disaster questions.
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Ratings outlook down to stable
01 Feb 2018
Australia's largest global insurer has maintained its strong credit ratings, but had its ratings outlook downgraded from positive to stable by S&P Global Ratings.
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Breakfast with Mai Chen
31 Jan 2018
Governance New Zealand and Women on Boards invite you to a special breakfast presentation in Christchurch to hear Mai speak about the critical attributes of a successful Director in the 21st century.
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5 Cyber insurance trends
31 Jan 2018
What will cyber insurance buyers face in the coming year? Here’s a snapshot of the top five trends buyers can expect, based on findings from Willis Towers Watson 2018 Marketplace Realities Report: Cyber risk.
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Lemonade is on the move
31 Jan 2018
Beware the industry disruptors, warns the CEO of a European claims firm, who says that insurtech firm Lemonade is headed for Europe.
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Weird world of insurance tax
30 Jan 2018
Property that can incur taxes two or three times. Excessive property details must be declared so those who choose to protect their assets can be taxed to a point where personal responsibility becomes unaffordable.
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Reviews of unfair contract terms
29 Jan 2018
There is pressure on both sides of the Tasman, from Consumer NZ and the Australian Federal Government, to review the exemption for insurance from laws covering unfair contract terms.
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Detection technique boost for insurers
26 Jan 2018
University of Canterbury engineers might just have a way to address the lack of information about the extent of damage to building materials in the event of an earthquake.
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Kaikoura claims update
26 Jan 2018
Just under 90% of all domestic claims for the Kaikoura earthquake recovery have been partially or fully settled, ICNZ has announced.
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Cloud shutdown could cost billions
25 Jan 2018
A recent Lloyd’s of London report, co-written with modeling firm AIR Worldwide, found that if at least one top cloud computing provider temporarily shuts down, it could result in billions of dollars lost.
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Recipe for disaster
25 Jan 2018
A policy think tank, The New Zealand Initiative, says New Zealanders know a lot about earthquake preparedness; but the government needs to attend to its own earthquake preparedness.
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Bill to speed up quake claims
24 Jan 2018
A members' bill aiming to speed up insurance settlements has been lodged. The bill, proposed by MP for Kaikoura Stuart Smith, seeks to address the lack of legislative timeframes for settlement offers.
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Call for closer look
24 Jan 2018
Consumer NZ has called for regulators to take a closer look at insurance products sold via car dealers in the wake of an Australian review which has forced insurers to pay back millions to customers.
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QBE expects $US1.2 billion loss
23 Jan 2018
QBE has announced that it expects to post a $1.2bn after tax loss due to increased natural catastrophes in the final quarter of 2017 and two “significant” one-off non-cash items.
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Natural Cat costs exceed $1.6B
23 Jan 2018
New Zealand can expect to face, on average, annual costs of NZ$1.6 billion or just under 1% of its GDP, from natural disasters, based on data going back to 1900, according to ICNZ chief executive Tim Grafton.
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Almost 1 million telematics policies in UK
23 Jan 2018
There were 975,000 telematics policies live in the UK in 2017 according to annual research by the British Insurance Brokers’ Association (Biba).
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Claims transformation top of agenda
23 Jan 2018
Claims transformation is being pushed to the top of insurers’ agendas thanks to a changing marketplace, heightened customer expectations, and pressure to reduce costs, says Zurich’s head of claims strategy.
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6th Asia Insurance Brokers Summit
22 Jan 2018
Asia Insurance Review (AIR)are organising their annual Asia Insurance Brokers’ Summit on 13 – 14 March in Kuala Lumpur, Malaysia with the theme “The Digital Savvy Broker: Finding a Secure Sustainable Niche in the Future of Insurance”.
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Jobs may move offshore
22 Jan 2018
IAG could be set to shift 55 jobs overseas from its NZI business and a further 77 from the parent company. The roles are currently based in Christchurch but would be done by overseas partners, according to an unnamed source.
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New Partner at Keegan Alexander
22 Jan 2018
Well known insurance lawyer Crossley Gates has today joined law firm Keegan Alexander as an insurance partner. He joins six other partners in the multi-disciplinary firm.
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Five fixes required
21 Jan 2018
Consumer NZ are making cleaning up the insurance industry a priority this year. They are confident there'll be a review of the legislation which exempts the industry from the ban on unfair contract terms in the Fair Trading Act.
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Sales need legal clarification
20 Jan 2018
Houses repaired by the EQC should be banned from being sold until signed off as completed works and the liability of ongoing repairs has been legally established, a concerned homeowner says.
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New appointment at AIG
19 Jan 2018
AIG New Zealand has appointed Fraser Walker as its head of client and broker engagement.
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Credit insurance refunds
18 Jan 2018
Australian consumer credit insurance refunds amount to around A$120M as insurers forced to refund customers for the sale of worthless add-on consumer credit insurance.
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Insurer drops claim
18 Jan 2018
Insurer has dropped a $2660 liability claim against an elderly man who was hit by a car while crossing an Auckland road. Yesterday chief executive John Lyon confirmed Ando had dropped the case.
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New online website
17 Jan 2018
Insure Online has launched its new website that allows small business owners to buy, manage and renew business insurance 24 hours a day, 7 days a week.
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Please explain
16 Jan 2018
Australian insurance companies would have to explain why policy prices are increased and by how much, in new measures being considered by the federal government.
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New CEO announced
10 Jan 2018
QBE has announced that Vivek Bhatia has been appointed CEO of the Australian and New Zealand operations of the firm following an extensive global search.
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Reinsurance outlook stable
10 Jan 2018
There is no fundamental shift in the dynamic of the property/casualty reinsurance market, despite the huge catastrophe losses of 2017, and underwriting capacity remains “intact” for all lines of coverage.
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Gallagher Bassett NZ acquires TriEx
09 Jan 2018
Australasia’s largest third-party claims administrator has announced a new move that will strengthen its offering in the New Zealand market.
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Cigna and Auckland Airport
08 Jan 2018
Cigna and Auckland International Airport have partnered up to introduce a travel insurance offering due to the increased level of flights in and out of NZ.
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Geonet reveals quake risk
08 Jan 2018
Latest earthquake forecasts show there is a 2 per cent to 14 per cent, or "very unlikely" chance of a large earthquake occurring in central NZ over the next year, but an increased chance of a large event in the next decade.
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70% surge in 3 years
08 Jan 2018
The cost of insurance claims from weather events has surged by 70% over the past three years, the same period also saw a 56% spike in the number of storm and flood claims.
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Evolving cyber threats
08 Jan 2018
Ransomware is likely to continue as one of the greatest evolving cyber threats in 2018, according to Rotem Iram, At-Bay CEO and co-founder.
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Further moves on insurance
03 Jan 2018
It was last year that we first told you about Amazon’s plans to enter the insurance industry as it lined up staff for its European business. Now, it appears to be making further overtures towards the sector.
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Cut in catastrophe reinsurance
03 Jan 2018
IAG said on Wednesday it has finalized its catastrophe reinsurance program for 2018, cutting its catastrophe coverage on the back of quota share agreements with three reinsurers.
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Best/fastest adopters will be on top
28 Dec 2017
Robotics, chatbots, artificial and cognitive intelligence – insurers and brokers are already using these technologies, but it could be the best and fastest adopters of these technologies who come out on top.
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Are your clients ready?
27 Dec 2017
Cyberattacks and “the personalised and assertive style of national leaders,” are two of the biggest risks facing businesses in 2018, it has been revealed by a global firm.
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Merger of two members announced
22 Dec 2017
Steadfast has announced the merger of two of its New Zealand members. In a release late yesterday, the firm announced that IC Frith & Associates would be merging with Abbott Insurance Brokers
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Seeking direct system connection
22 Dec 2017
Insurer Ando will focus on getting more brokers to directly connect into its systems next year, which will strip out some costs, and make the insurance experience better for customers, Ando chief executive John Lyon said.
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Key appointment announced
22 Dec 2017
Berkshire Hathaway Specialty Insurance Company (BHSI) has announced the appointment of Jared McGrath to head its new line of accident & and health (A&H) products in New Zealand. The product line includes corporate travel, group personal accident, and expatriate medical insurance.
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Everyone is selling it
21 Dec 2017
Insurance seems to have caught the eye of some far-reaching companies in recent times - Amazon, UK supermarkets, Tesla and Uber competitor BlaBlaCar all looked at it and now Auckland airport has joined in.
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Govt calls for submissions
21 Dec 2017
Parliament has called for public submissions on the Financial Services Legislation Amendment Bill. This legislation replaces the Financial Advisers Act 2008.
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Latest Eqke assignment decision
20 Dec 2017
Statements made by contracting parties may give rise to enforceable rights. In the latest decision dealing with assigned insurance claims, the High Court has clarified the meaning of detriment in this context.
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Big investment in Lemonade
20 Dec 2017
AI-based insurance tech company Lemonade has raised US$120 million in Series C funding as it looks to expand its operations outside of the US.
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Challenging year
18 Dec 2017
This year has presented significant challenges for insurers, ICNZ chief executive Tim Grafton noted when reflecting on 2017 which has seen extreme weather events and the aftermath of the Kaikoura earthquake.
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Vocal critic wants EQC sorted
16 Dec 2017
A vocal critic of the EQC is calling on the government to deal with the government disaster insurer immediately to address the problems it is causing and the lives it continues to impact.
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Timeline for change
16 Dec 2017
The Regulator (FMA) and the Ministry responsible for the financial adviser regime (MBIE) are working on a joint initiative offering assistance in understanding the new regime for financial advice.
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Tenancy law will increase premiums
15 Dec 2017
The Insurance Council say a new tenancy law would drive up premiums - and rents. The amendment to the Residential Tenancies Act was proposed by the previous Government and is now in Select Committee.
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New health insurance scheme
14 Dec 2017
Fairfax Media, owner of Stuff, and nib, New Zealand's second-biggest health insurer, have joined to launch Done, an online-only product with quoting tools for customers to decide which cover they want.
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InsurTech working group created
13 Dec 2017
FinTechNZ has created an InsurTech working group in response to the huge level of interest from the insurance industry. InsurTech is an integral part of the opportunity to advance and transform financial services
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Further confusion sorted
12 Dec 2017
Following on from last weeks story on the confusion with a Financial Services Register website definition IBANZ has now received confirmation that FMA advice on "broker" registration was incorrect.
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Lucrative SME market
11 Dec 2017
Insurers are not fully exploiting the SME market’s huge potential, with customers hungry for improved online offerings, according to a PWC survey.
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Financial Adviser reform legislation
11 Dec 2017
Government has pushed the go button for significant reforms to financial advice. The Financial Services Legislation Amendment Bill has had its first reading in Parliament and now goes to Select Committee.
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Pricing on regional lines
10 Dec 2017
Asia-Pacific reinsurance buyers face a lower likelihood of significant price rises in next year’s renewal season than their catastrophe-hit US counterparts, according to Guy Carpenter.
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FMA prepares for change
10 Dec 2017
The Financial Markets Authority has told incoming Commerce and Consumer Affairs Minister Kris Faafoi that it is working through its preparations for the new financial advice regime.
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Stop clients being “cyber ostriches”
08 Dec 2017
Brokers have a key role to play in ensuring their clients do not bury their heads in the sand when it comes to cyber risk, an expert has said.
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Sedgwick buys Cunningham Lindsey
07 Dec 2017
Sedgwick Claims Management Services, the owner of Vericlaim, has bought loss adjuster Cunningham Lindsey for an undisclosed amount. Brokers promised it will be business as usual.
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Sold more than ever
06 Dec 2017
“We’ve sold more health insurance this year than any other year, and that’s on the back of 2016 which was a good year,” IC Frith Life and Health general manager Bernard McCrea says.
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FSP Registration confusion
05 Dec 2017
IBANZ Members completing their annual registration confirmation on the Financial Services Providers Registration (FSPR) website have found recent changes confusing; not helped by an error on the website.
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Fair Insurance Code review
05 Dec 2017
The Insurance Council of New Zealand (ICNZ) is reviewing their Fair Insurance Code 2016 with the expectation that any changes to the Code will come into effect in 2019.
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Personal cyber risk cover
04 Dec 2017
Personal cyber insurance may become the norm as online crime escalates, London-based analytics company GlobalData says.
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More ambitious second wave
04 Dec 2017
A second wave of insurtech is likely to follow a first-generation shakeout and may have a greater impact on the industry, according to a report by consulting group Oliver Wyman and insurtech investor Policen Direkt.
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World's costliest disasters
03 Dec 2017
The global (re)insurance industry remains in overdrive after a string of natural catastrophes caused significant losses in quick succession.
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NZ insurer's profit margins fall
03 Dec 2017
Gross earned premiums increased by 9% over the year to June 2017 to $9.1 billion, whereas gross incurred claims increased by 52% to $8 billion, according to the Reserve Bank of New Zealand.
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Chatbots impact on brokers
01 Dec 2017
Chatbots will not diminish a broker’s value but will instead improve the user experience for customers wanting a direct online service for simplified insurance, says Cove Insurance co-founder Brett Wilson.
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New Zealand needs to step up
29 Nov 2017
The Insurance Council of New Zealand has reported that small Kiwi businesses are lagging in their uptake of cyber protection compared with their Australian counterparts.
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Survey on broker relationships
27 Nov 2017
The latest UAC CEO Survey has found that senior executives at underwriting agencies are split on whether the role of the broker needs to change.
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Insurers face ‘strategic crunch’
24 Nov 2017
The rising importance of climate risk, and governance around the topic, means insurers face a strategic crunch, an expert has said.
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Time for an "always on" culture
24 Nov 2017
The broking market is adapting to the ‘always on’ culture that is seeing customers demand the facility to self-serve at any time of the day, according to insurance software house SSP.
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Growth allows specialisation
23 Nov 2017
“There’s a lot in the project technology space - as we get bigger, we’re able to specialise in specific areas" says Chief Executive John Lyon as Ando achieves 1% of the market.
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Forecast rise for non-life (re)insurance
22 Nov 2017
Large natural catastrophe losses and current low prices are expected to push up pricing in non-life insurance/reinsurance, according to Swiss Re Institute’s Global Insurance Review 2017, and Outlook 2018/19 report.
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Natural disasters increase until 2060
21 Nov 2017
Climate change will lead to an increase in natural disasters until at least 2060, according to the World Meteorological Organisation (WMO).
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General Insurance Update 2017
21 Nov 2017
Major forces and international trends are shaping the Kiwi insurance industry. The way everyday New Zealanders will buy, manage, and use insurance could become dramatically different.
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Collusion between price-bots
20 Nov 2017
As our local regulator, the FMA, looks at allowing Robo-advice in New Zealand the Australian Competition and Consumer Commission warns of collusion between robots.
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Warning on "sharing economy"
20 Nov 2017
Vero has issued a warning to those who rent out their cars or homes through the likes of Uber and Airbnb to check their insurance cover.
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Low point for reinsurer profitability
20 Nov 2017
A catastrophe-ridden 2017 could drive global reinsurer profitability to a six-year low, according to AM Best.
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Consultation on Robo-advice
16 Nov 2017
In October the FMA decided to grant an exemption to enable the provision of personalised digital (robo) advice. They are now consulting on the draft exemption notice and application documents.
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CEOs view of digital disruption
15 Nov 2017
Major forces and international trends are shaping the insurance industry, and the way everyday New Zealanders buy, manage, and use insurance could undergo a dramatic transformation, KPMG says.
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Agree improvement needed
15 Nov 2017
Kiwi businesses are taking cyber security more seriously – but there’s room for improvement, according to the latest report from cybersecurity products provider Kordia.
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Leaving legacy systems behind
15 Nov 2017
Tower says it aims to leave its larger rivals with 'clunky legacy systems' in its wake by transforming into a "digital challenger" offering customers more tailored products that draw on deeper pools of information.
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Rising sea levels causing issues
13 Nov 2017
Obtaining insurance is likely to become increasingly difficult for Eastbourne home-owners, with Wellington Harbour rising due to climate change.
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Customer relationships are the key
13 Nov 2017
Amazon is well positioned to disrupt the European insurance market, potentially relegating insurers to “price-driven risk carriers” at the back end, according to data and analytics company GlobalData.
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FMA looks to the future
10 Nov 2017
Last week the FMA presented their thoughts on the future in an IBANZ webinar - "Understanding the direction of change to financial advice". A recording of this event is now available on our website for members.
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Role in climate change insurance
10 Nov 2017
A recent United Nations convention has heard much of the world is not insured against climate risks. The important role of brokers within climate change risks has been raised.
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Special manufacturers cover
09 Nov 2017
Delta underwriting agency is providing an exclusive cover for manufacturers which are facing major challenges in relation to recall of contaminated food and beverage products.
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New claims process introduced
08 Nov 2017
CoreLogic, have signed a contract with Vero Insurance to assist them in automating their claims process, and improving the claims experience for their customers.
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Tower takeover cancelled
07 Nov 2017
Suncorp has cancelled its plans to take over Tower. It had hoped to add Tower to its portfolio of NZ businesses, which includes Vero, Asteron Life, and a majority stake in AA Insurance.
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Industry urges fire levy rethink
06 Nov 2017
The New Zealand insurance industry is lobbying the country’s new Labour Party-led government over controversial plans to change the way the fire service levy is calculated.
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Back to the future
06 Nov 2017
Fire services originally started with insurers running their own brigades, hence the fire levy on insurance today. In the US some insurers are returning to this model.
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Model for Kaikoura a success
06 Nov 2017
Insurers are on track to meet their target of having the majority of Kaikōura earthquake settlements complete by year-end proving insurers managing EQC claims is the model for the future say ICNZ.
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Insurance managed by chatbot
03 Nov 2017
A Kiwi start-up insurance company plans to use chat-bot technology to allow people to apply for insurance and make a claim via their mobile phone.
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Suncorp Australia deploys Watson AI
03 Nov 2017
General insurance group Suncorp has announced it has successfully integrated a Watson-based liability verification engine to support its online claims process in Australia.
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EQC premium increase kicks in
02 Nov 2017
The Earthquake Commission (EQC) premium has risen by one-third, in line with an increase announced in this year’s budget to help rebuild funds depleted by the Canterbury and Kaikoura catastrophes.
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Cyber insurance the "wild west"
02 Nov 2017
An expert says that while cyber insurance is essential, the current market is one whole mess – there are no benchmarks for the policies, and both buyers and sellers are doing it all wrong.
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One question brokers should ask
02 Nov 2017
One simple question could help you forge stronger client relationships and ensure long-lasting loyalty – that’s the claim from one former broker who is now an industry-leading corporate advisor.
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Ongoing push for pricing details
01 Nov 2017
NZ has one of the most concentrated general insurance markets in the world, and it doesn’t help that house and car insurers are keeping their prices in the dark, online price comparison site Glimp says.
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Exposed by disastrous quarter
31 Oct 2017
Fitch ratings agency says catastrophe losses from hurricanes, Mexican earthquakes and Californian wildfires may leave Lloyd’s exposed to a ratings downgrade.
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Disrupters target "pain points"
30 Oct 2017
Technological disrupters are adept at targeting insurance “pain points” and are challenging major providers to improve their performance, Suncorp Insurance CEO Gary Dransfield says.
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Interim CEO appointed
28 Oct 2017
QBE Insurance has appointed Inder Singh, currently chief financial officer of its Australian and New Zealand Operations (ANZO), as interim ANZO CEO.
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Most high rise buildings fail test
27 Oct 2017
Building inspections of high-rises in Auckland and Wellington show that most failed to meet earthquake standards to stop people being hit by falling objects.
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Increased interest in online
27 Oct 2017
Over 40% of Kiwis aged 30 to 44 years of age, who were surveyed by research company Colmar Brunton, are likely to shop and purchase insurance direct for car, home and contents products.
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Deep South report welcomed
27 Oct 2017
ICNZ welcomes the Deep South report out today on climate change and stormwater and wastewater systems which highlights the need for a long term approach to adapting to climate change.
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Commitment to Fintech
26 Oct 2017
New Zealand regulator the Financial Markets Authority (FMA) has reaffirmed an agreement with its Australian counterpart ASIC, to nurture fintech and innovation across the Tasman.
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Brokers shouldn’t fear robots
26 Oct 2017
The rise of automation has left many brokers wondering if they’ll be replaced by robots however, two insurtech experts say it’s an unlikely outcome.
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New Government, new Ministers
26 Oct 2017
The new Government is sworn in today and IBANZ in its role of representing the interests of members will now be working with new Ministers.
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Four remits pass at the 2017 AGM
25 Oct 2017
The IBANZ AGM for 2017 was held last Friday, the Board was joined by a number of members. Four remits were put forward and all were past unanimously by the meeting.
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Insurers and Privacy Act requests
25 Oct 2017
Insurers have experienced a recent surge in Privacy Act requests from homeowners with unresolved claims arising from the Canterbury earthquakes.
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Independent review rejected
24 Oct 2017
RBNZ has dismissed calls for its review of the Insurance (Prudential Supervision) Act 2010 to be carried out by an independent body.
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Can we insure for climate change?
23 Oct 2017
How the industry responded to climate change could vary but Tim Grafton of the Insurance Council expected an "incremental and gradual transition" to meet issues around vulnerable properties.
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Q3 Cat bill $US 3.6 billion
23 Oct 2017
The third-quarter combined claims burden from hurricanes Harvey, Irma and Maria and other natural catastrophes is about $US3.6 billion, according to Swiss Re.
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Expansion in Asia on hold
23 Oct 2017
IAG hits the brakes on its Asian growth ambitions saying it is unlikely to make major investments in Asia in the short-term and is focusing on its core Australia and New Zealand markets.
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Tower & Com Com sign settlement
20 Oct 2017
Tower Insurance has signed a settlement agreement with the Commerce Commission to finalise the issue on miscalculated multi-policy discounts it owed to some customers.
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Bad debt insurer enters Chch market
19 Oct 2017
The sales manager of National Credit Insurance Allan Mabey warns of the risky construction sector environment."We're dealing with a large number of Christchurch insolvencies. That's why we've opened an office in the city."
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Personal Robo-Advice allowed
18 Oct 2017
The NZ financial sector will be able to provide clients with online advice from next year and will not need to wait until the Financial Advisers Act (FAA) is reformed in 2019, FMA announced this morning.
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Feedback on Issues Paper
18 Oct 2017
The Reserve Bank has released a feedback statement following the closing of submissions on the Issues Paper: Review of the Insurance (Prudential Supervision) Act 2010.
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Uncertainty in marine market
18 Oct 2017
The global marine market faces a challenging and uncertain outlook after premiums last year fell 9%, continuing a downward trend.
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Innovation opening new markets
16 Oct 2017
Commercial insurers are finding new ways to take on risks once seen as difficult or impossible to cover, according to the latest Swiss Re Sigma report.
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Entrepreneur of the year
16 Oct 2017
Peter Harris, MD of specialist insurer CBL, has been named EY entrepreneur of the year for New Zealand.
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Latest update on Kaikoura
13 Oct 2017
EQC and private insurers continue to make good progress on the over 38,000 residential claims. with 87% of building assessments and 54% of building settlements complete, within eight months of the lodgement deadline.
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New Insurance CEO at Suncorp
12 Oct 2017
New CEO has been announced for Suncorp insurance business. Gary Dransfield steps into the role with Anthony Day leaving the firm after almost 10 years with the business.
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Statistics House to be demolished
11 Oct 2017
Almost a year after the Kaikōura earthquake caused the partial collapse of two floors in Statistics House, insurers have finally agreed the building should be demolished.
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Repair issues going to court
10 Oct 2017
Christchurch residents who bought houses after the earthquakes and since uncovered, and inherited, "botched" repair jobs have today filed High Court proceedings against the Earthquake Commission.
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Law firms to integrate
09 Oct 2017
UK law firm DAC Beachcroft will transfer its New Zealand operation to its global alliance Australian law firm partner Wotton + Kearney.
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Unjustified dismissal claim rejected
06 Oct 2017
Allianz chief executive who was sacked after last year's Kaikoura earthquake has had his claim of unjustified dismissal rejected by the ERA.
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Seminar: Insurance law & regulation
05 Oct 2017
ICNZ is delighted to host Professor Rob Merkin QC and Rebecca Sellers, co-authors of the upcoming 2nd edition of Colinvaux’s Law of Insurance in New Zealand and experts on topic, for a seminar on insurance law and regulation.
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Silent risk presents challenges
05 Oct 2017
The insurance industry may be caught up in the potential returns offered by cyber insurance, but Fitch has warned insurers that their “silent” cyber risk could also see them face substantial losses.
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Youi boosts NZ business
05 Oct 2017
South African insurer, Youi, is slowly but surely growing its business in New Zealand, despite all the bad publicity it’s received.
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Port imposes insurance levy
04 Oct 2017
Increasing charges at Napier Port have Hawke's Bay industries up in arms. A new insurance levy has reportedly tipped local port users - across the horticultural sector, exporters, and transport companies - over the edge.
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Upbeat despite profit decline
03 Oct 2017
Lloyd’s earned a pre-tax profit of £1.22 billion for the half-year to June 30, down from £1.46 billion in the corresponding period last year amid challenging marketing conditions.
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US$600M impact on earnings
03 Oct 2017
QBE today warned that hurricanes and earthquakes which have devastated parts of the US, the Caribbean and Mexico since late August will affect the company’s earnings this year.
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Off "too big to fail" list
02 Oct 2017
US regulators are planning to release American International Group Inc. from the special government oversight ordered for the insurer after its central role in the 2008 financial crisis.
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Life adviser findings
02 Oct 2017
The Financial Markets Authority (FMA) says it will release findings from a targeted review of 24 life insurance advisers with a high level of policy churn by the end of this year.
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Can Intermediaries learn from Apple
01 Oct 2017
“Most intermediaries of the future, and we see lots of this now, won’t make their money through being an intermediary, they’ll make money through other sources,”
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Technology trial
30 Sep 2017
NZI is offering selected transport customers the opportunity to have lifesaving technology installed into their trucks that provides real-time data on driver behaviour, as well as safety alerts.
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Cyber Policies - 5 things overlooked
28 Sep 2017
Cyber insurance policies are some of the most complex policies that a broker will be asked to evaluate. There are five important differences in cyber insurance products that are often overlooked.
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International regulators meet
27 Sep 2017
Insurance regulators from around the world worked on a revised set of “core principles” for the regulation of insurance intermediaries at their most recent meeting in Tokyo on 21 and 22 September 2017.
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Restructure announced
27 Sep 2017
American International Group (AIG) will undergo a major restructure, reorganising its business into three units and combining its commercial and consumer businesses.
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Cyber Security Patching
26 Sep 2017
The outbreak of WannaCry ransomware this year hit hundreds of thousands of computers and caught the world’s attention. The most shocking thing about WannaCry is how easily its rapid infection could have been prevented.
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Regulator ponders next move
25 Sep 2017
The Reserve Bank of New Zealand is considering 42 submissions on its review of the Insurance Prudential Supervision Act 2010 and will provide an update on its next step “in due course”.
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EQC teams up to clear flood debris
25 Sep 2017
The Earthquake Commission has worked with councils and contractors to clear silt and debris from 251 flood-damaged properties in the town of Edgecumbe, acting on a request from the Government.
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Sell on service
24 Sep 2017
The hardening of the property insurance market will mean that brokers will need to sell on service rather than price alone, Runacres Insurance has said.
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Call to supply price info
24 Sep 2017
It's time to force price transparency on car and house insurers in the same way as power providers were forced to do in 2010, according to young technology entrepreneur Michael Speight.
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What brokers want from insurers
23 Sep 2017
Brokers want better communication and digital innovation from insurers, according to a new report from EY entitled The Broker of the Future.
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Is house insurance unaffordable?
22 Sep 2017
House insurance has ballooned as much as 300 per cent in a decade, and for many, it is a cost they are struggling to afford.
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Insurance complaints on the rise
22 Sep 2017
Complaints to the IFSO scheme are at their highest level in 20 years. The scheme received 3,227 complaint enquiries in 2016-2017, up from the 3,193 complaints the previous year.
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Need to discuss premium hikes
22 Sep 2017
Brokers need to be having conversations with their clients about potential hikes in property insurance due to the $2.5 billion in insured losses NZ has suffered over the past 12 months, industry leaders have warned.
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Should broking go digital
20 Sep 2017
Much of current investment in customer service is focused on expanding capabilities in digital service channels but a leading customer service expert says the focus should be more on the human element of customer service
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Rate rises to lift NZ insurers
18 Sep 2017
NZ property and casualty insurers will receive an earnings boost from rate rises in personal and commercial lines, according to S&P Global Ratings.
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Travel Insurer advises cut-off time
18 Sep 2017
Major travel insurer says people won't be able to make claims caused by the Auckland Airport fuel crisis if policy bought after 10am yesterday.
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Positive attitude to risk
15 Sep 2017
Christchurch businesses are more confident about taking risks than the rest of the country, according to latest research from Suncorp New Zealand.
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Majority settled by year-end
15 Sep 2017
Private insurers are confident that the majority of Kaikōura earthquake and Edgecumbe flood settlement offers will be complete by year-end.
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Kaikoura claims top $2 billion
15 Sep 2017
The Insurance Council of New Zealand (ICNZ) released new figures this morning that show the real cost of the Kaikoura earthquake last year.
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SME owners want more
14 Sep 2017
Over 60 per cent of SMEs surveyed in Vero SME Insurance Index said it was very important to receive advice on more than just business insurance.
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New sum insured tool
13 Sep 2017
AA Insurance has invested in CoreLogic’s Cordell Sum Sure, an automated reconstruction-cost estimation tool that provides a fast, fact-based figure with minimal input from homeowners.
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Robo-advice by Christmas
13 Sep 2017
The FMA’s proposal to leapfrog the 2019 review of the Financial Advisers Act, could mean an exemption by Christmas to allow “robo-advice”.
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Court decision on assignment
13 Sep 2017
High Court confirms purchasers of earthquake damaged house who took an assignment of the vendor's insurance claim can only claim indemnity value.
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New appointments announced
12 Sep 2017
Dual New Zealand has announced Blair Quested, Ilene George and Oliver Griffin as new members of its underwriting team.
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Storms produce record year
12 Sep 2017
Several days of bad weather in July left insurers with a $NZ31 million damage bill, and has made this the most expensive year for weather events.
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Chief Executive to step down
12 Sep 2017
QBE chief executive John Neal will step down at the end of December after five years in the top role.
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Blockchain platform set to launch
11 Sep 2017
A marine insurance blockchain platform will run from next year following a 20-week proof of concept, EY and technology company Guardtime say.
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Warning on quake vulnerability
11 Sep 2017
Wellington homeowners warned to quake check houses after new research reveals not enough is being done by homeowners to check their biggest asset for earthquake vulnerabilities.
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"later stages" of soft market
11 Sep 2017
AM Best has maintained its negative outlook for the reinsurance sector, which continues to face a tough operating environment.
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Fraud a serious problem
09 Sep 2017
Some consumers feel they have a "right" to lie on their insurance claims.Karen Stevens of IFSO said "dishonesty was a serious problem for insurance companies".
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Settlement seen as unfair
07 Sep 2017
ICNZ say future governments must pass legislation to clarify how they will treat uninsured property owners after natural catastrophes.
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Insuring 3D printing risks
06 Sep 2017
3D printing technology is no longer a specialist domain, a revolution that will bring challenges to the insurance industry.
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Quake outcasts settlement
06 Sep 2017
The Crown will settle with Christchurch's Quake Outcasts after spending hundreds of thousands of dollars on a lengthy legal battle with the uninsured red zoners.
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Rethink on property claims
05 Sep 2017
QBE is creating almost 190 new jobs in Australia and New Zealand after deciding some claims roles should not be undertaken offshore.
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FMA to tackle oversight gaps
05 Sep 2017
Financial Markets Authority (FMA) will examine gaps in insurance sector oversight after issues were identified by an International Monetary Fund (IMF) assessment.
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SME owners are cynical
04 Sep 2017
Younger SME owners in NZ do business differently to the older generation, and most do not believe they get value out of their insurance.
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Time for disruption in NZ
02 Sep 2017
The New Zealand market could be about to experience a wave of disruption from global insurers according to a trio of CEOs speaking at RIMS Forum.
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IAG applies statute of limitations
01 Sep 2017
IAG, has applied a statute of limitations defence against future insurance claims on housing damaged by the Christchurch earthquake.
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First P2P product
31 Aug 2017
World's first peer-to-peer (P2P) insurer has launched its first offering in Australia – an insurance product for protecting bicycles and their riders.
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Building insurance costs may rise
31 Aug 2017
Insurance brokers have warned that higher taxes and a changing market could see the cost of insuring some buildings rise by more than 50% soon.
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FMA outlines plans
31 Aug 2017
The Financial Markets Authority is laying out how it plans to use its new, increase level of funding – and advisers can expect to receive its attention.
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Disagreement with ICNZ
30 Aug 2017
Two Christchurch lawyers are calling the Insurance Council of New Zealand's criticism of the establishment of an earthquake claim arbitration service, rubbish.
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AUB's NZ plans
30 Aug 2017
Mark Searles, managing director and CEO of AUB Group, has said that the firm will look to replicate its strategy in Australia with its growing NZ business.
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ICNZ rejects Labour's tribunal
29 Aug 2017
The ICNZ has rejected the opposition Labour Party's plans to set up an arbitration tribunal against insurers in Christchurch.
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Steadfast CEO: Hold your nerve
28 Aug 2017
Speaking after the release of their financial results, Kelly told Insurance Business that the firm has “finally” seen rate increases in the New Zealand market.
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Later turn in NZ
25 Aug 2017
Price increases look set to continue throughout the 2018 financial year according to IAG boss who noted “New Zealand was slightly later to turn”
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Merger heads to High Court
25 Aug 2017
Suncorp has lodged an appeal over its bid was denied by the Commerce Commission to acquire Tower through its Vero brand.
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Code Working Group set the scene
15 Aug 2017
The Code Working Group (CWG) has been established to produce a draft code of professional conduct for financial advice services, periodically review it and recommend changes as appropriate.
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Analysis of new Adviser Bill
15 Aug 2017
DLA Piper have produced an analysis of the new Financial Services Legislation Amendment Bill introduced to Parliament on the 3rd August 2017. The Bill overhauls the existing Financial Advisers Act.
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Pressure for change
14 Aug 2017
The insurance industry continues to advocate for change as the government reviews the EQC Act. A number of key changes are seen as essential to improve customer experience.
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Kaikoura earthquake update
14 Aug 2017
The Insurance Council reports that as at 31 July private insurers are 50% settled or partially settled for residential and commercial claims nationally for the 14 November earthquake.
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Timing is everything
10 Aug 2017
It is common for contracts of insurance to have an inception date but not an inception time. The question then arises as to the time at which the policy incepts.
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ICNZ Conference 2017
09 Aug 2017
Registration is open for the Insurance Council's 2017 conference which will take place in Auckland on Wednesday 8th November. The conference explores major forces and influences shaping our world and industry.
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Times they are a-changing…
08 Aug 2017
It’s been almost 700 years since the first insurance contract was issued, and yet it’s only been in the last few years that insurers have faced fundamental changes in the way their industry operates.
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