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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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.
Read more


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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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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"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.
Read more


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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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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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".
Read more


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.
Read more


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.
Read more


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.
Read more


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.
Read more


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.
Read more


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”
Read more


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.
Read more


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.
Read more


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.
Read more


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.
Read more


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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Latest regulation proposals

08 Aug 2017

Internal Affairs have released the latest Cabinet papers on proposals for Fire and Emergency New Zealand levy regulations. The proposals cover exemptions, transitional relief and information requirements.
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Agreement with Claims Central

04 Aug 2017

Claims Central Consolidated has announced that it has signed an exclusive agreement with Ando to roll-out its ClaimLogik technology across property claims.
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Prices rising with costs

04 Aug 2017

Suncorp will increase commercial insurance premiums as a result of its claims outlays for the November 2016 Kaikoura earthquake as well as climbing building and car repair expenses
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New Advisers Bill introduced

03 Aug 2017

A new bill to replace the Financial Advisers Act has been introduced today, Commerce Minister Jacqui Dean announced at the National Advisers Conference.
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NZ insurtech CIS aims high

02 Aug 2017

An insurtech firm, which has been piloting policies in New Zealand for several years, is ready to stake its claim in the cyber and data insurance market.
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New backer seen as necessary

01 Aug 2017

Tower needs to find a new financier after New Zealand’s Commerce Commission declined Vero’s application to acquire the insurer, according to an industry commentator.
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Different approach by woman owners

31 Jul 2017

Women who run SMEs are less likely than their male counterparts to use brokers to buy insurance, and are more likely to go online to examine the possibilities, according to Vero research.
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High level of non-compliance

28 Jul 2017

A specialist has revealed that fewer than 34 multi-storey buildings in the nation have fully complied with earthquake standards since they were launched in 1983.
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Lemonade plus Marmalade

28 Jul 2017

Last year we heard about disruption in the insurance industry by a startup called Lemonade. Now another insurtech company by the name of Marmalade is making the news in the UK.
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Investigation and explanation

27 Jul 2017

The Commerce Commission is investigating the competition issues raised by Vero buying 19.99% of Tower’s shares; and provides an explanation of it's decision on the Vero takeover of Tower.
Read more


Quake cover could be withdrawn

26 Jul 2017

Scott Hawkins of Munich Re has told a conference in Wellington there could be a "knee jerk reaction" by insurers if NZ suffered more earthquakes, "The provision of insurance might be something that becomes unattainable".
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Vero acquisition of Tower declined

26 Jul 2017

Competition watchdog the Commerce Commission declines Vero Insurance acquisition of Tower Insurance because it could have meant higher prices for customers and less cover.
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Insurance dominates complaints

25 Jul 2017

Insurance, especially for travel, remains the largest category of complaints investigated by Financial Services Complaints Limited (FSCL),a not-for-profit external dispute resolution scheme for financial service providers and their clients.
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Preparing for a hardening market

25 Jul 2017

As the corporate market looks to be hardening insurers and brokers need to be preparing for it now according to Tony Cope, Managing Director at Risk Advisory Services.
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Case for robot underwriters

24 Jul 2017

Rather than triggering massive job losses, automation will fill the insurance world with adaptive, tech-savvy employees who welcome change, according to AIG President and CEO Brian Duperreault.
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Record investment in Insurtech

22 Jul 2017

Insurtech funding sky-rocketed in the second quarter of 2017 with claims management appearing to be the next insurtech battleground, a report from Willis Towers Watson has found.
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Global Insurers feel threatened

22 Jul 2017

More than half of global insurers estimate that around 20% of their turnover is threatened by insurtech, according to a new study by PwC.
Read more


Update on Edgecombe

21 Jul 2017

The EQC is continuing to work closely with Edgecumbe following the April 2017 flood. Spokesperson, Paul Walsh, says the settlement of most claims has been clearing silt and debris from underneath and around people's properties.
Read more


28% of Kaikoura claims paid

21 Jul 2017

Private insurers have paid out over half a billion dollars in claims from the 14 November earthquake, leaving a further $1.355 billion to settle, the Insurance Council reported today.
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What is "levy avoidance"

20 Jul 2017

Joint and several liability for "levy avoidance" will come into effect from 1 January 2019 however there is very little detail in the FENZ Act about what "levy avoidance" means in the insurance context and how to identify it.
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Cyber security regulations not needed

20 Jul 2017

The Reserve Bank says there are enough incentives for financial institutions to protect themselves from cyber attacks, there's no need for it to introduce cyber security regulations
Read more


Consolidation of Australian group

19 Jul 2017

Australian insurance group IAG has announced the consolidation of its domestic operations into a single Australian division to simplify operations.
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Where to next?

18 Jul 2017

Clarification of two key areas of government policy, which are particularly significant for the future of IBANZ Members, is due out shortly.
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Future Cyber attack could cost billions

17 Jul 2017

Cyber crime insurers largely avoided costly claims from the recent attacks that hit businesses around the globe. The next global virus could change that.
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Launch of new broking platform

14 Jul 2017

Insurance brokers in New Zealand this week got their first look at a new broking platform from UK based insurance software company SSP, claimed to be a complete solution for the digital age.
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Or maybe panelbeaters are at fault

13 Jul 2017

Panelbeaters blamed insurers red tape for slowing motor vehicle repairs, but the insurers are saying that it is panel beater shortage which is causing delays in repairing insurance customers’ cars.
Read more


NZ Insurers slow on MV claims

12 Jul 2017

The average time taken to repair a vehicle in New Zealand could be reduced by a third if insurers reduce unnecessary red tape according to a new industry survey.
Read more


Mental illness exclusions removed

11 Jul 2017

QBE and Cover-More have removed mental health exclusions from their travel insurance policies, in a major departure from the industry’s standard position on such illness.
Read more


Policy on levy transition updated

11 Jul 2017

FENZ has released their policy on levy compliance and enforcement for the levy transitional period commencing on 1st July 2017.
Read more


Seminar: reducing earthquake failures

11 Jul 2017

Registrations are being taken for a seminar on reducing internal fit-out failure which will be of interest to brokers and their clients with buildings located in active seismic areas.
Read more


Tenant's liability amended

10 Jul 2017

The Residential Tenancies Amendment Bill currently before Parliament seeks to address issues with the original legislation such as liability for damage to rental premises caused by a tenant.
Read more


New President announced

09 Jul 2017

James Smorthwaite of JLT Sydney has replaced Andrew Shepherd as Young Insurance Professionals (YIPs) Australia and New Zealand President.
Read more


Brokers should also be responsible

06 Jul 2017

More than half the insurers in the RBNZ’s recent review 60% of insurers didn’t meet financial strength rating disclosure requirements. ICNZ says brokers should also take some responsibility.
Read more


Launch of first overseas office

05 Jul 2017

Yesterday Delta launched their first overseas office in Singapore. The move is part of a broader business strategy to grow globally.
Read more


Migration successfully completed

05 Jul 2017

SSP has announced that it has successfully completed the migration of its broker customers in New Zealand to local data hosting system Interactive.
Read more


New India seeks to expand in NZ

04 Jul 2017

G. Srinivasan, chairman of New India Assurance, said that the insurer would expand its writings in New Zealand. He said New India is keen to explore new avenues for business.
Read more


"Slow burn" follows cyber attacks

04 Jul 2017

Businesses could face a much higher bill than they expect or are prepared for after falling victim to a cyber-attack arising from its "slow burn", or long term impacts, according to a new report from Lloyd's.
Read more


Adviser voice will be heard

04 Jul 2017

First-hand adviser input will be critical for the working group tasked with developing the new code of conduct for financial advisers, the group’s chair, Angus Dale-Jones, says.
Read more


Management changes

03 Jul 2017

Zurich New Zealand GM Kai Dwyer has resigned from the company, while Zurich’s Sydney-based Head of Commercial Distribution Lori Messori has left after his role was declared redundant.
Read more


New laws take effect

03 Jul 2017

New laws requiring the identification and upgrade of earthquake prone buildings come into effect this week, Building and Construction Minister Dr Nick Smith says.
Read more


Not happy with insurer compliance

30 Jun 2017

A recent survey by the Reserve Bank found that more than half of local insurers complied poorly with financial information disclosure regulations.
Read more


Vero/Tower buyout decision delayed

30 Jun 2017

The Commerce Commission has delayed its decision on whether insurance company Vero will be allowed to buy rival Tower after raising some concerns about the proposed deal.
Read more


Apple moves on cyber insurance

29 Jun 2017

Apple has announced it is working with Cisco to help businesses which use both technology brands to get a discount on their cyber insurance premiums.
Read more


InsurTech on the rise

29 Jun 2017

In New York it was "Lemonade", in London it is "By Miles". Both insurTech organisations signalling a different future for the insurance industry.
Read more


Board backs Suncorp takeover

28 Jun 2017

Tower board has given its backing to a takeover offer by Suncorp which is making the offer through its local business Vero.
Read more


Reforms to EQC Act announced

27 Jun 2017

Finance Minister Steven Joyce and the Minister Responsible for the Earthquake Commission Gerry Brownlee have announced plans to simplify and improve the EQC scheme for New Zealanders.
Read more


Tower trading halt as bid increased

26 Jun 2017

Tower shares are in a trading halt as the general insurer's board goes through the detail of an increased takeover bid from ASX-listed Suncorp Group's Vero Insurance New Zealand unit.
Read more


Robo-advice on general insurance

23 Jun 2017

General insurance is one of the products for which the FMA is proposing an exemption to allow entities to provide personalised advice generated by a computer programme or algorithm (robo-advice).
Read more


Making the leap to blockchain

22 Jun 2017

Blockchain is making inroads into the insurance sector with the announcement of new initiatives aimed at expanding the use of the digital ledger technology.
Read more


Crowdfunding or insurance

21 Jun 2017

One in six New Zealanders is putting themselves at risk by travelling overseas without insurance, instead relying on public appeals for money to pay medical bills should something go wrong.
Read more


Code Working Group announced

21 Jun 2017

Nine people have been appointed to a working group to develop the new code of conduct for financial advice, Commerce and Consumer Affairs Minister Jacqui Dean announced today.
Read more


Kaikoura claims reach $1.84b

21 Jun 2017

Insurance claims for November's 7.8 magnitude Kaikoura earthquake have hit $1.84 billion, more than half for damage to Wellington buildings and businesses.
Read more


New CEO appointed

20 Jun 2017

American International Group Inc. has appointed Elliot Hill as CEO of AIG Insurance New Zealand, effective October 01, 2017.
Read more


Extreme weather costs $84m

19 Jun 2017

The two cyclones that pounded New Zealand during April and caused residents of Edgecumbe to be evacuated have resulted in insured costs of $84 million the Insurance Council of New Zealand reported today.
Read more


FENZ levy decisions due in July

19 Jun 2017

The Department of Internal Affairs (DIA) has set out the timing of the remaining key decisions relating to the statutory regime for the Fire and Emergency New Zealand (FENZ) levy.
Read more


Enhanced cyber offering

19 Jun 2017

Underwriting agency Dual has introduced a $250,000 sub-limit for social engineering, phishing and cyber fraud under its cyber product.
Read more


Call for Building Warranty Scheme

18 Jun 2017

Auckland mayor is throwing his weight behind a Mayoral Housing Taskforce Report recommendation for central government to investigate introducing a building warranty or insurance scheme.
Read more


Terrorism cover could change

17 Jun 2017

ANALYSIS: the nature and effects of recent terrorist attacks are broadening the industry's understanding of terrorism insurance, and could result in a permanent shift away from policies based on damage to property.
Read more


Decisions on EQC review in July

16 Jun 2017

The long running Government review of the Earthquake Commission Act may finally be coming to a conclusion next month. This review, undertaken by The Treasury was initiated following the Canterbury earthquakes.
Read more


Reinsurance recovery at $814m

15 Jun 2017

The government statistical department has increased its estimate of the Kaikoura earthquake reinsurance recovery due to insurance companies, from $694 million to $814 million.
Read more


Working to avoid Kodak moment

14 Jun 2017

Lloyd’s is acting to adapt to changes sweeping across the insurance sector and avoid meeting the same sorry fate as Kodak, which used to dominate the camera industry.
Read more


New Lloyd's Chairman

14 Jun 2017

Bruce Carnegie-Brown officially started as Lloyd’s new Chairman today, taking up the role following the retirement of John Nelson.
Read more


MV premiums rising

13 Jun 2017

Insuring a car might be about to get a lot more expensive, with an increase in car crashes and more expensive high-tech vehicles being blamed for a hike in premiums.
Read more


Seminar on Internal fit-out failures

12 Jun 2017

The ICNZ has teamed up with BRANZ, EQC and Wellington City Council to bring a seminar that will explore the problems around the failure of building internal fit-out components in an earthquake.
Read more


Claim payouts continue to slow

11 Jun 2017

The property insurance claims coming in from the Canterbury earthquakes are piling up, as the payment rate for claims has “continued to slow,” according to a Reserve Bank of New Zealand (RBNZ) report.
Read more


Need to protect local policyholders

11 Jun 2017

New Zealand’s largest general insurance company is supporting a proposed law change to see policyholders better protected in the event of their insurer's parent going belly-up overseas.
Read more


Opportunity from WannaCry

10 Jun 2017

The recent global ransomware attack has highlighted the important role of the insurance industry in mitigating cyber attacks.
Read more


Consumers over confident

09 Jun 2017

A recent Canstar Blue survey suggests that Kiwis are over-confident about their home and contents insurance.
Read more


New environmental policy

08 Jun 2017

XL Catlin has announced the release of a new environmental policy. The Real Estate Environmental Protection (REEP) solution is designed to help deal with environmental liabilities.
Read more


AI to speed motor claims

07 Jun 2017

Suncorp in Australia plans to use artificial intelligence to determine liability in car accidents, helping to speed the claims process and reduce claims costs.
Read more


Queens Birthday Honour

06 Jun 2017

Kevin Allen is named in the Queen's Birthday Honours 2017. He has has been awarded a New Zealand Order of Merit for his services to people with brain injuries.
Read more


Still time to claim

06 Jun 2017

The Earthquake Commission is reminding customers whose land suffered damage from landslips or flooding during the storms in March this year that they still have time to lodge a claim.
Read more


FENZ package prompts industry anger

05 Jun 2017

Under the FENZ Act, in addition to being given the onerous task of collecting the levy, insurers and brokers will be liable for shortfall penalties.
Read more


Tenancy Bill too complicated

02 Jun 2017

Landlords are not happy about a Government move to close a loophole which can leave owners with the bill for tenant damage to their rentals. They say the change is still "overly complicated".
Read more


$14M for residential meth claims

02 Jun 2017

IAG says it pays out $14 million methamphetamine claims on residential properties. Ralph Hart, IAG's personal lines underwriting solutions manager, said most claims in tenanted properties were for meth use.
Read more


Rates decline continues

01 Jun 2017

Rates in the global insurance and reinsurance markets continue to decline according to reports from Marsh and JLT. The insurance rate decrease has moderated however this is not seen in reinsurance.
Read more


Insurance contract law reform

31 May 2017

The Minister of Commerce and Consumer Affairs is committing to reviewing legislation that has for decades been criticised for putting consumers on the back foot when dealing with insurers.
Read more


Lowering solvency margins

31 May 2017

The RBNZ, in its latest six-monthly Financial Stability Report, says general and life insurers’ solvency margins have “stabilised at lower levels”.
Read more


Agreement reached on FSL

30 May 2017

IBANZ and the Insurance Council have reached an important agreement with the NZ Fire Service over transitional arrangements for the Fire Service levies.
Read more


Blockchain to transform marine logistics

29 May 2017

Blockchain technology could save the marine industry trillions of dollars in processing fees and provide new trust in logistics.
Read more


FENZ - the need to comply

26 May 2017

Auckland barrister Veronica Cress, has emphasised that the FENZ act imposes joint and several liability for shortfall penalties on the insurer, policyholder, and every insurance intermediary who arranges the insurance.
Read more


 

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