IBANZ launches "CoverNote Live" website with the latest news for professional insurance brokers

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Thought provoking article on brokers

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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Ratings downgraded

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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Illusion of insurer competition

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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Sth African insurer culls NZ workforce

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

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

“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

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

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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Business travel risks predictable

New data from SOS titled ‘Rethink Unpredictable’, determines upcoming business travel trends that challenge the concept of volatile travel risks.
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Research funding on natural disaster

The Earthquake Commission (EQC) is funding investigations on New Zealand’s big natural disaster questions.
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A changing insurance sector

Tim Grafton (ICNZ Chief Executive) - Insurance Business column on a changing insurance sector and what needs to stay the same.
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Bank haircuts, insurance holes

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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Ratings outlook down to stable

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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Lemonade is on the move

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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5 Cyber insurance trends

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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Breakfast with Mai Chen

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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Weird world of insurance tax

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

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

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

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

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

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

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

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

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

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

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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QBE expects $US1.2 billion loss

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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6th Asia Insurance Brokers Summit

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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New Partner at Keegan Alexander

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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Jobs may move offshore

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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Five fixes required

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

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

AIG New Zealand has appointed Fraser Walker as its head of client and broker engagement.
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Insurer drops claim

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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Credit insurance refunds

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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New online website

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

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

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

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

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

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

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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Evolving cyber threats

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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70% surge in 3 years

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

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

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

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?

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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Seeking direct system connection

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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Merger of two members announced

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

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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Govt calls for submissions

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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Everyone is selling it

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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Big investment in Lemonade

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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Latest Eqke assignment decision

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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Challenging year

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

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

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

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

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

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

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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Financial Adviser reform legislation

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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Lucrative SME market

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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FMA prepares for change

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

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”

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

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

“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

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

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

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

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

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

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

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

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

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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Time for an "always on" culture

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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Insurers face ‘strategic crunch’

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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Growth allows specialisation

“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

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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General Insurance Update 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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Natural disasters increase until 2060

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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Collusion between price-bots

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"

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

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

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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Agree improvement needed

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

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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CEOs view of digital disruption

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

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

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

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

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

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

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

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

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

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

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

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

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

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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One question brokers should ask

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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Cyber insurance the "wild west"

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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Ongoing push for pricing details

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

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"

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

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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Increased interest in online

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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Most high rise buildings fail test

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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Deep South report welcomed

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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New Government, new Ministers

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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Commitment to Fintech

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

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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Four remits pass at the 2017 AGM

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

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

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?

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

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

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

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

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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Uncertainty in marine market

The global marine market faces a challenging and uncertain outlook after premiums last year fell 9%, continuing a downward trend.
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Feedback on Issues Paper

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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Personal Robo-Advice allowed

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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Innovation opening new markets

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

“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

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

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

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

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

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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EQC teams up to clear flood debris

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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Regulator ponders next move

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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Call to supply price info

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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Sell on service

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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What brokers want from insurers

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

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?

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

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

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

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

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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Kaikoura claims top $2 billion

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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Positive attitude to risk

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

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

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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Robo-advice by Christmas

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

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 sum insured tool

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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Chief Executive to step down

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

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

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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Warning on quake vulnerability

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

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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"later stages" of soft market

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

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

ICNZ say future governments must pass legislation to clarify how they will treat uninsured property owners after natural catastrophes.
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Quake outcasts settlement

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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Insuring 3D printing risks

3D printing technology is no longer a specialist domain, a revolution that will bring challenges to the insurance industry.
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Rethink on property claims

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

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

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

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

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

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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FMA outlines plans

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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Building insurance costs may rise

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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AUB's NZ plans

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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Disagreement with ICNZ

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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ICNZ rejects Labour's tribunal

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

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

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

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

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

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

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

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

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

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…

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

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

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

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

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

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

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

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

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

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

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.
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Vero acquisition of Tower declined

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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Quake cover could be withdrawn

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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Insurance dominates complaints

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

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

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

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

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

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.
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28% of Kaikoura claims paid

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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Cyber security regulations not needed

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
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What is "levy avoidance"

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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Consolidation of Australian group

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?

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

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

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

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.
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NZ Insurers slow on MV claims

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.
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Policy on levy transition updated

FENZ has released their policy on levy compliance and enforcement for the levy transitional period commencing on 1st July 2017.
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Mental illness exclusions removed

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.
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Seminar: reducing earthquake failures

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.
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Tenant's liability amended

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.
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New President announced

James Smorthwaite of JLT Sydney has replaced Andrew Shepherd as Young Insurance Professionals (YIPs) Australia and New Zealand President.
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Brokers should also be responsible

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.
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Migration successfully completed

SSP has announced that it has successfully completed the migration of its broker customers in New Zealand to local data hosting system Interactive.
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Launch of first overseas office

Yesterday Delta launched their first overseas office in Singapore. The move is part of a broader business strategy to grow globally.
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Adviser voice will be heard

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.
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"Slow burn" follows cyber attacks

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.
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New India seeks to expand in NZ

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.
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New laws take effect

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

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.
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Not happy with insurer compliance

A recent survey by the Reserve Bank found that more than half of local insurers complied poorly with financial information disclosure regulations.
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Vero/Tower buyout decision delayed

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.
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Apple moves on cyber insurance

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.
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InsurTech on the rise

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

Tower board has given its backing to a takeover offer by Suncorp which is making the offer through its local business Vero.
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Reforms to EQC Act announced

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.
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Tower trading halt as bid increased

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.
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Robo-advice on general insurance

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).
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Making the leap to blockchain

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

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.
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Kaikoura claims reach $1.84b

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.
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Code Working Group announced

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.
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New CEO appointed

American International Group Inc. has appointed Elliot Hill as CEO of AIG Insurance New Zealand, effective October 01, 2017.
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FENZ levy decisions due in July

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.
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Enhanced cyber offering

Underwriting agency Dual has introduced a $250,000 sub-limit for social engineering, phishing and cyber fraud under its cyber product.
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Extreme weather costs $84m

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.
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Call for Building Warranty Scheme

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.
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Terrorism cover could change

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.
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Decisions on EQC review in July

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.
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Reinsurance recovery at $814m

The government statistical department has increased its estimate of the Kaikoura earthquake reinsurance recovery due to insurance companies, from $694 million to $814 million.
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New Lloyd's Chairman

Bruce Carnegie-Brown officially started as Lloyd’s new Chairman today, taking up the role following the retirement of John Nelson.
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Working to avoid Kodak moment

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.
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MV premiums rising

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.
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Seminar on Internal fit-out failures

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.
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Claim payouts continue to slow

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.
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Need to protect local policyholders

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.
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Opportunity from WannaCry

The recent global ransomware attack has highlighted the important role of the insurance industry in mitigating cyber attacks.
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Consumers over confident

A recent Canstar Blue survey suggests that Kiwis are over-confident about their home and contents insurance.
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New environmental policy

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.
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AI to speed motor claims

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

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.
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Still time to claim

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.
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FENZ package prompts industry anger

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.
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$14M for residential meth claims

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.
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Tenancy Bill too complicated

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".
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Rates decline continues

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.
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Lowering solvency margins

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

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.
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Agreement reached on FSL

IBANZ and the Insurance Council have reached an important agreement with the NZ Fire Service over transitional arrangements for the Fire Service levies.
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Blockchain to transform marine logistics

Blockchain technology could save the marine industry trillions of dollars in processing fees and provide new trust in logistics.
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FENZ - the need to comply

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.
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Double hit for insured home-owners

First it was a 40% increase in the Fire Service levy from 1st July, now on top of that comes a 33% increase in the EQC levy. That comes to a total increase for house, contents and a car of $113 per annum.
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Controversial course maintained

The Fire and Emergency New Zealand Act’s hefty impact on insurers, intermediaries, and purchasers of property and vehicle insurance in New Zealand is assured for the moment despite it being bombarded with criticism.
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EQC levies rise 33%

Homeowners' insurance premiums are set to rise by up to $69 a year, as Government aims to top up a natural disaster fund depleted by the Canterbury and Kaikoura earthquakes.
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Loss creep continues

The insurance and reinsurance market loss from the 2010/11 Canterbury earthquakes continues to increase, with insurer Tower Group again reporting further loss creep yesterday.
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Consumers open to robo-advice

Consumers’ embrace of robot-driven advice will herald a shift in the way insurance is sold, according to consultant Accenture’s latest industry report.
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Key stat for your business

Referrals have always been important for brokers but some may be missing a key metric which allows a customer’s experience to be fully monitored. The net promoter score measures how your customers experience your business.
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Regulatory burden acknowledged

The Financial Markets Authority says it is concerned with how the burden of regulation is being felt by the financial services industry.
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Missed opportunity on wholesale rule

There is disappointment that legislation looks to have given up the chance to tighten rules governing wholesale financial advice.
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"Critics miss the point" Minister Dunne

"Mr McKenna of the Tax Payers Union and those of similar ilk miss the point about the breadth and scale of this reform. Sadly, they seem unwilling to make any attempt to learn."
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Most unprepared for cyber attack

Eighty-eight percent of New Zealand business owners are unaware that they can insure their businesses against cyber attacks, which can put their livelihoods and business’ reputation at risk.
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Non-complying fittings signed off

Unrestrained heavy pipes, wires and air conditioning units in building ceilings that could be lethal in an earthquake are escaping proper scrutiny.
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Roboadvice ahead of law reform

The Financial Markets Authority is considering ways that roboadvice could be made possible before the new financial advice legislation kicks in.
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"Conduct effectively unregulated"

In an interest.co.nz article Rebecca Sellers, a director of Melior Law & Regulation comments on the recent IMF report which identifies the NZ focus on financial advice leaves much of insurers’ conduct effectively unregulated.
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SMEs favour brokers

The first New Zealand edition of Vero’s SME Insurance Index shows most of the country’s small businesses are buying cover through brokers – but it warns against complacency.
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EQC leads clean-up

The Earthquake Commission (EQC) will lead the clean-up of flood-damaged properties in Edgecumbe, Gerry Brownlee, the minister responsible for the Earthquake Commission, says.
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Slow in providing protection

The Government has shown an intensified focus on safeguarding businesses against cyber attacks, while insurance companies are accused of struggling to adapt to the pace of change.
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Minister ignores issues as Bill passed

The Bill creating Fire and Emergency NZ has passed its final reading with Minister Dunne saying criticism is from ill-informed sources with vested interests. Others disagree with his dismissive approach.
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Action needed on Intermediaries

International Monetary Fund’s (IMF) Financial Sector Assessment Program (FSAP), released on Tuesday recommends “immediate” action be taken to enhance “insurance intermediary and conduct regulation and supervision”.
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Under-insured due to rising costs

Rapidly rising building costs are leaving 85 per cent of New Zealand homeowners under-insured, says Jo Mason, chief executive of NZ Brokers.
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Huge cost of recent events

The costs to the insurance industry of two of the four extreme weather events that have recently impacted New Zealand are now on the table.
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Are brokers the key?

Massey University's Dr Michael Naylor has advocated educating business owners on the value of paying for insurance advice from well-qualified brokers and advisors to alleviate the ongoing crisis of underinsured businesses.
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Insurers' prepared for catastrophe

Most New Zealand insurers assess and manage catastrophe risk appropriately, according to a report from the Reserve Bank.
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EQC levies may be affected

EQC levies might be affected by changes to the disaster fund being worked through by the Government, Finance Minister Steven Joyce says.
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Levy hike not justified

The Taxpayers' Union is today releasing a report on the changes, saying non-residential insurance policy holders will be hit particularly hard, paying an extra $66.4 million next year.
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Pet Insurer changes partner

Pet and equine insurer Petplan has appointed Lloyd’s underwriter MS Amlin as underwriter for its business in Australia and New Zealand, ending an arrangement with Allianz that began in 2008.
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Should Govt bailout underinsured?

With the relief package for flood-struck Edgecumbe and the Bay of Plenty being finalised, the insurance industry is awash with viewpoints as to the government’s bailout obligations to business owners and residents.
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"Barely sustainable figures"

Reinsurers’ profits decreased, yet industry capitalisation grew in 2016, according to a Willis Towers Watson study.
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AI will transform industry

Artificial intelligence (AI) will profoundly change the industry in the next three years, according to 57% of Australian insurance executives polled in Accenture’s latest Technology Vision for Insurance report.
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Reaction to Erin Brokovich

Consumer rights activist Erin Brockovich’s recent comments in Christchurch have riled many professionals in the insurance industry.
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Claims pressure increases

With Cyclone Cook following hot on the heels of Cyclone Debbie and wreaking havoc the insurance industry has plenty of claims on the go.
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RBNZ reviews IPSA

The Reserve Bank (RBNZ) is undertaking a review of the Insurance (Prudential Supervision) Act (IPSA), which focuses on the rules insurers have to adhere to in New Zealand.
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Crackdown on insurance payouts

The Insurance Council is warning owners of earthquake-damaged homes in Marlborough that banks are cracking down on insurance pay-out spending.
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Zurich acquires travel insurer

Zurich Insurance has acquired travel insurer, Cover More Group Ltd as it looks to expand its travel insurance portfolio and grow in the global market, it was announced late yesterday.
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Another perspective on FENZ debacle

insuranceNEWS has given an Australian view of the recent proposals to create an new emergency organisation in NZ by merging the rural and urban fire services and taxing insurance policies to pay for it.
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Insurance CEO says use Kiwisaver

The Kiwi boss of one of the world's insurance giants, Aviva, says national superannuation scheme KiwiSaver should be used to build earthquake and flood prevention infrastructure.
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Gallagher Bassett seals Symetri deal

Third-party claims administrator Gallagher Bassett New Zealand has completed its acquisition of Stream subsidiary Symetri for at least $7 million.
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Innovation for quake claims

Insurer IAG has employed a disruptive web technology by a Kiwi tech company to provide its quake-affected customers with better access to its insurance services.
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Industry not fazed by Debbie

The media has been awash with stories and images of the damage caused by the remnants of Cyclone Debbie, however despite this the insurance industry and its brokers remain unfazed and are on top of the situation.
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Censorship claims rejected

Insurance Council rejects ecqfix.nz’s assertion it forced Kaikoura District Council to remove its 60-minute video presentation designed to assist claimants grappling with the November Kaikoura earthquake.
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FENZ levy provisions delayed

The commencement of new Fire Service / FENZ levy provisions in Part 3 of the FENZ Bill has been delayed by six months and will now occur on 1st January 2019. However the 40% levy increase on 1st July 2017 will go ahead.
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IAG telematics acquisition

IAG has announced that it has acquired Christchurch-based fleet efficiency and safe driver coaching business CCS Innovation in Logistics.
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Cash settlements due in 2017

Insurers expect most Kaikoura earthquake cash-settlement offers will be made by the end of this year for commercial and residential claims.
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Changes will increase underinsurance

The Government’s decision to confirm a new 40% levy to fund Fire and Emergency New Zealand (FENZ) will result in more people not securing the correct level of insurance, Insurance Brokers Association of New Zealand has said.
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Payout limited to 80%

A man who under-insured his multi-million dollar Christchurch heritage home has lost a High Court battle with his insurer. Tower Insurance must pay for only 80 per cent of Christchurch heritage home rebuild, court rules
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Increased need for drone cover

New Zealand can expect many more people taking out drone insurance as the number of drones rapidly multiply meaning potential for accidents significantly increases.
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Review of Insurer Law

The central bank, the Reserve Bank of New Zealand (RBNZ) yesterday released an issues paper for its review of insurance legislation, that is, the Insurance (Prudential Supervision) Act 2010 (IPSA).
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Levy increase confirmed

Government has confirmed the fire service levy is to increase by 40%. This increase is a result of a decision to amalgamate urban and rural fire services and shift virtually all the resulting costs onto insurance.
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Aussie SMEs leaving brokers

Small businesses in Australia are turning their backs on brokers and are increasingly moving online for their insurance needs, according to the latest Vero SME Insurance Index.
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Sum insured values may be short

Some Kaikōura residents with earthquake-damaged homes are worried their insurance policies will leave them short changed. They expressed the fear at a meeting last night, organised to give them free independent advice.
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How can it be made better?

The Ministry for Business, Innovation and Employment (MBIE) has received just 10 submissions on the law that will transform the financial advice sector. But it says it knows there are concerns about some aspects - and wants to know how it could be made better.
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Opportunity to access US market

New Zealand-based credit and financial risk insurer CBL Corporation has filed an application to acquire New York insurer Affirmative Direct Insurance Company for $US5.7 million.
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Increased excess gives poor return

Many homeowners and renters are voluntarily opting for higher excesses on home and contents insurance, but it has been suggested that this may not be a wise move.
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Main threat from within

Two-thirds of cyber breaches arise from internal threats, claims data released by Willis Towers Watson has shown. People-related risks represent the largest source of data breach claims, warned the broker.
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ICNZ refutes "uninsurable" allegation

Projections that properties in South Dunedin and other low-lying areas will be uninsurable in five years are "highly, highly improbable", the Insurance Council of New Zealand (ICNZ) has said.
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Western Pacific payouts

The liquidators of Western Pacific Insurance have paid Canterbury policyholders $NZ18.7 million from money received from reinsurers.
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The "new frontier"

Innovators and investors are shifting focus from banking to insurance, according to the International Association of Insurance Supervisors (IAIS).
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Reinsurance claims at $694M

Reinsurance claims from the Kaikoura earthquake have reached $NZ694 million ($631 million), according to provisional estimates by insurance companies, Statistics New Zealand says.
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Nineteenth century thinking

Insurers are taking another swipe at the Government for “applying nineteenth century thinking” to the way it proposes to fund the new amalgamated fire service.
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Comments sought on merger

The Commerce Commission has released a Statement of Preliminary Issues that outlines the key competition issues of Vero’s acquisition of Tower.
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Concern over client-first duty

The Code Committee has slammed the wording of a new client-first duty set to become law for financial advisers, and the lack of personal accountability proposed for financial advice representatives.
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Warning over contamination

IAG has already logged more than 1200 claims from the weekend's floods and is now warning about contaminated and dangerous properties.
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Expansion into NZ

Allianz Marine and Transit, a specialist provider of underwriting, claims, and risk management services is extending its reach to NZ.
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Takeover battle intensifies

Suncorp has raised its bid to buy Tower as the Australian insurer’s stake in the firm hit 19.99%. The insurer has paid $1.40 per share for 11.3 million shares from Australian fund manager Perpetual, up from its $1.30 offer in February.
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Upset over new guidelines

The collision repair industry is upset over insurers position on parts procurement and selection which they say raises potential issues around warranties, work volumes and resulting delays.
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New cover launched

JLT Specialty (JLT) has launched a Crime and Social Engineering (CASE) insurance policy which it said followed a rise in businesses asking about the availability of such cover.
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Could cow claim be bull

A man wants NZI to pay for his damaged car after he swerved to avoid hitting a cow in the road and ended up hitting another cow.
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Crackdown over meth-related claims

Home-owners are facing a crackdown over meth-related insurance claims as insurers raise premiums and excess levels and cap how much people can claim.
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New online flaming insurance

One of Japan’s largest insurers is set to launch a new insurance product to protect companies that go viral for all the wrong reasons. Sompo Japan will begin offering ‘flaming insurance’.
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Insurance driving demolition

Too many new buildings are being demolished, rather than repaired, in Wellington after the Kaikoura quake, a seismic safety commissioner from California says and part of the reason maybe the availability of insurance.
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SME losses average $19K

Financial losses as a result of cyber-attacks averaged $19,000 for smaller New Zealand businesses, according to a survey by security software firm Symantec, almost three times the losses for Australian firms.
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Slow progress on cyber

There is frustration at the perceived slow progress of affordable, practical insurance protection for cyber related risks as insurance companies struggle to adapt to the pace of change.
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Issues with Airbnb sublet rental

Landlords who weren’t aware their properties were on Airbnb could face serious insurance implications, a property management expert has warned; as a tribunal fined a Wellington couple who sub-let a rental property on the online marketplace.
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Plan to move jobs offshore

Catherine Dixon, executive general manager people experience at Suncorp New Zealand said it had announced a proposal to transfer a number of New Zealand-based administrative roles to its strategic partners in Asia.
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Insurer argues case

Suncorp says its proposed $NZ219 million ($203 million) acquisition of Tower would not give it market dominance in New Zealand, with IAG retaining top position in a competitive environment.
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Drilling to assist claims

The Earthquake Commission (EQC) is drilling for soil samples as part of the claims settlement process following the Kaikoura earthquake in November.
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Commerce Commission active

The Commerce Commission has announced a decision on one insurance industry application and has been asked to consider another potential merger.
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Insurer steps up its game

Suncorp is stepping up its game against Fairfax Financial Holdings in its takeover bid for Tower. Disclosures to the NZX showed that Vero, Suncorp’s wholly owned subsidiary, has made agreements to essentially lock in the shares it owns in the company.
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Review gets it wrong

Industry commentators are angry that attempts to clearly separate sales activity from advice appear to have been abandoned in the rewrite of financial adviser legislation.
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Insurance law change needed

The Insurance and Financial Services Ombudsman has stated that New Zealand is in need of a law change to prevent people from “ruining their lives” by not disclosing relevant information to insurers.
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AUB Group has good half year

AUB Group has seen its business in NZ soar despite challenging market conditions. In its half year results announced earlier this week, the NZ broking division of AUB Group hit new heights in GWP and profit.
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Need to come clean on funding

The Insurance Council of New Zealand is asking Internal Affairs Minister and United Future Leader to come clean about how he would fund a national emergency response service.
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Academic says CEO is wrong

Insurance academic Dr Michael Naylor has spoken out about the takeover bid for Tower that Suncorp has proposed this week, saying while it may be good for Tower shareholders, it would be bad for NZ consumers.
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Solid growth in first half

Steadfast has announced solid growth for the first half of 2017 with GWP placed by its brokers rising 13% to $2.5 billion.
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Looser restrictions on contents cover

Insurance companies are loosening up their restrictions on new insurance polices for contents in earthquake-hit areas from North Canterbury to Wellington, but house insurance is still restricted.
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First half profit dip

IAG announces profit dip IAG has announced that insurance profits for the first half of 2017 have dipped to $571 million from $610 million in the first half of 2016.
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Lloyd's appoints new Chairman

Lloyd’s of London named Bruce Carnegie-Brown to succeed John Nelson as chairman of the insurance market founded in a coffee house in 1688.
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Cyber takes top spot in risk poll

Cyber attacks are perceived as the biggest external risk for New Zealand businesses this year, according to an annual Marsh survey.
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Regulator to throw book at insurers

The Australian Securities & Investments Commission (ASIC) has warned that it will use its full range of powers to seek better consumer outcomes in add-on insurance.
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Exposure draft of legislation released

The exposure draft of the Financial Services Legislation Amendment Bill has been released along with a consultation paper which provides commentary on the Bill and seeks feedback on the Bill as well as the proposed arrangements for transitioning to the new regime.
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Fair Insurance Code outcomes

The Insurance Council released today its first Fair Insurance Code annual report of the number of claims received, complaints made to internal and external dispute resolution schemes, and number of significant breaches.
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Under insurance in Kaikoura

There is growing concern that the seriously damaged buildings near the November earthquake’s epicentre were under-insured or uninsured. some homeowners in Waiau, North Canterbury, are facing significant shortfalls from the Kaikoura quakes.
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Comprehensive drone cover

Specialist liability underwriter Delta is offering a comprehensive drone insurance solution to meet the growing adoption of UAV technology across many New Zealand sectors.
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ICNZ speaks out on levies (taxes)

The Insurance Council of New Zealand’s (ICNZ) CEO, Tim Grafton, is ramping up his anti-fire levy message with a warning to property owners to watch out at renewal time. Proposed increases are due to kick in on July 01.
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Insurer gives cold, hard facts

Brokers have been asking the hard questions, says NZI EGM Travis Atkinson, and insurers have been giving them the cold, hard facts in response.
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Landlord wins appeal

A Manawatu landlord has won what could be a precedent-setting case against his tenant who was let off a big bill for damaging his property.
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Canadian buyer for Tower

Canadian financial giant Fairfax Financial is set to acquire 100% of Tower in a deal worth $197 Million. The announcement said an offer of $1.17 per Tower share was unanimously supported by the Tower board.
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Earthquakes hit HY profit

Kaikoura earthquake claims plus additional Canterbury claims have resulted in a drop in Suncorp New Zealand’s contribution to the overall Group profits, the company said in a statement today.
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Appeal succesful

Zurich has succeeded in its bid to turn down a liability policy claim made by Auckland chartered accountant Mark Withers following a decision released by the Court of Appeal yesterday.
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Warning over AML/CFT obligations

The Financial Markets Authority (FMA) has today warned reporting entities of their obligations under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act.
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Insurers settle $2.7 billion

The Insurance Council of New Zealand announced today that private insurers have paid out nearly $2.7 billion in 2016 to settle commercial and residential claims resulting from the 2010 and 2011 Canterbury earthquakes.
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New CEO announced

Earthquake Commission Chairman Sir Maarten Wevers said he was very pleased to announce the appointment of Sid Miller as Chief Executive of the Earthquake Commission with effect from 13 February, 2017.
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Update from liquidators

Grant Thornton, the liquidators of failed insurer Western Pacific are still waiting for $12.4 million in reinsurances payments. In a new report to creditors, they say $25.8 million has been received from reinsurers.
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Ratings drop does not apply locally

AIG Australia has reassured the Australian and New Zealand industry that S&P Global’s decision to downgrade its parent’s debt rating to BBB+ from A- will not affect its local ratings.
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EQC & ICNZ meet claimants

As the deadline for filing Kaikoura quake claims looms, Marlborough residents whose properties were impacted by the November 14 earthquake have expressed their insurance concerns at a public meeting held in Ward.
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War of words breaks out

A war of words has erupted between Insurance Council of New Zealand (ICNZ) CEO Tim Grafton and John Goddard of Morrison Kent over the new arrangement between insurers and the EQC for dealing with Kaikoura earthquake claims
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Sudden departure of top executives

Allianz New Zealand has confirmed the sudden departure of its CEO Eugene Elisara and national manager – property, Hayden Chapman and named a replacement for the top spot.
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Insurtech provider's new offerings

Insurance management system developer InsuredHQ has revealed three new product packages it has just released to the market which it says reflects its belief that one size does not fit all.
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Business claims reach $900M

Business insurance claims for the November earthquakes centred on Kaikoura have passed $900 million, the Insurance Council of New Zealand says.
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Reinsurers might re-negotiate

In the wake of the Kaikoura quake in November Insurance Council chief executive Tim Grafton said international reinsurers he has spoken to were "mildly interested but not deeply disturbed" by the Kaikoura damage.
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Insurer rejects takeover reports

QBE has rejected speculation it is considering a takeover offer, after a German newspaper reported Allianz is targeting the group in a $20 billion deal.
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Sale of Stream subsidiary Symetri

Troubled claims service provider Stream Group’s New Zealand subsidiary Symetri is selling its operating business and most of its assets to Gallagher Basset, in a deal worth at least $NZ7 million.
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Class action appealed

Southern Response has continued in its protest against a proposed class action levelled against it this week by filing an appeal of the High Court’s decision.
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Practical guide for cyber/data security - available for download

Zurich in partnership with the International Institute of Risk and Safety Management, have produced a practical guide for small businesses seeking to manage their data security and brokers offering advice to SME clients.
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SME - cyber risk awareness

One way to reduce cyber risks is to boost awareness of them. In that regard, Zurich Insurance Group says, there has been big progress in terms of getting the word out among small and medium-sized businesses.
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Exposure draft in Feb

After a delay caused by the Kaikoura earthquake, MBIE says that an exposure draft of the new Financial Advisers Act should be ready for distribution before the end of February with the aim of introducing a Bill to Parliament by mid-2017.
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Insurers and EQC in court

With concerns that the Earthquake Commission (EQC) may be short-changing Christchurch homeowners of their land damage payments, two Kiwi insurers are taking the industry body to the High Court.
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Pay as you go

UK start-up pay-as-you-go car insurance broker Cuvva is set to launch a new category of insurance aimed at car owners who use their cars infrequently.
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ICNZ rejects criticism

The head of the Insurance Council has responded to criticisms fired against insurers by some quake-impacted Kaikoura business owners regarding the slow resolution process of commercial insurance claims.
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Subsidy doesn't add value

Engineers back Government's decision to compel building owners to secure earthquake-prone facades and parapets in the Wellington region and Blenheim within a year. But property owners fear Government's subsidy won't stop them being out-of-pocket.
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Crashes and costs rising

New Zealand is experiencing more fender benders than ever and the cost of repairing the dents from low-level crashes is rising exponentially.
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Kaikoura ranked at seventh highest

The Kaikoura earthquakes were the seventh most costly event covered by insurers around the world last year. Aon Benfield, in its 2016 Annual Global Climate and Catastrophe Report, puts the insured loss at NZ$2.9 billion.
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Bank leads with new calculator

Westpac is officially the first business to make CoreLogic’s Cordell Sum Sure available to its customers and staff, making banks the winners over insurance companies in the race to ease the process of calculating sum insured values.
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"Use your broker"

Frustrated owners and tenants of several quake-damaged Kaikoura commercial properties are being urged to contact their brokers as insurers struggle to process thousands of Kaikoura earthquake claims.
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New Year - New Insurance Law

In an earthquake related judgment the High Court (Court) found a mutual duty of good faith applied to parties to an insurance contract, including during the claims handling process. This is a new development in insurance law in New Zealand
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Bid for costs lost

A group of uninsured homeowners in Christchurch's red zones have lost their bid to avoid costs for a legal battle with the Government. The "Quake Outcasts" will have to pay more than $50,000.
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Cyber risks to intensify in 2017

Top cyber threats in 2017 include nation state cyber espionage, a rise in data integrity attacks and an increase in attacks harnessing Internet of Things.
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FENZ Bill reviewed

Legislation supporting the merger of various rural and urban fire services into Fire and Emergency New Zealand (FENZ) has returned to Parliament with recommended amendments from the Select Committee.
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New world record

Lemonade, the insurance company powered by artificial intelligence and behavioral economics, announced it has set a world record for the speed and ease of paying a claim: 3 seconds and zero paperwork.
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Opportunity for Brokers

Laura Bradley, National Business Development Manager at Gallagher Bassett believes that wearable technology will have far-reaching effects for the insurance industry.
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Joint approach necessary

Brokers ‘can’t do all the work’ on cyber insurance. The industry needs to work together to help raise awareness in the cyber market, one expert has said.
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Priorities for 2017 outlined

Insurance Council of New Zealand CEO Tim Grafton says top of the agenda for 2017 will be the response to the Kaikoura earthquakes, but residual Canterbury issues will be kept in focus too.
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$7b catastrophe cover retained

Insurance Australia Group (IAG) has retained its annual catastrophe reinsurance at A$7 billion by reducing its commercial portfolio.
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2016 costly year for nat cat

Munich Re said 2016 has been the costliest year for natural catastrophe losses in the last four years which resulted to US$175 billion in total losses, only 30 per cent of which, or about US$50 billion, were insured.
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Cyber attacks drive sales

It has been found that two in five (40%) insurance companies in the UK have seen their cyber book grow by over 50% in the last twelve months, according to research by CFC Underwriting.
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Kaikoura to cost billions

Catastrophe modelling company AIR Worldwide estimated the insured losses from Kaikoura would range from $1.15 billion to $5.3 billion. That estimate did not include the cost of repairing road and rail, and land damage.
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Aussie brokers upbeat

Most Australian insurance brokers are upbeat about 2017 prospects according to the Macquarie Business Banking 2016 Insurance Broking benchmarking report released last month.
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Key agenda for 2017

The CEO of the Insurance Brokers Association of New Zealand (IBANZ), Gary Young, says the key thing for next year is a continuation of the work already being done on two legislative reviews affecting brokers.
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Mutual duty in insurance contracts

A High Court judge has held that a mutual duty of good faith is implied in every insurance contract. Damages may be awarded for breach of that duty.
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Usage based insurance growing

From 2016-2022, the global usage-based insurance (UBI) market is expected to grow to $123 billion at a rate of 36.4%, according to a usage-based insurance market report by the Allied Market Research (AMR).
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Digital isn't doomsday

It started with Direct Line. And then price-comparison websites. The demand for quick, accessible quotes meant consumers flocked to access insurance at the click of a button.
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Insurance Tax "fundamentally flawed"

Wellington Chamber of Commerce CEO, John Milford, has spoken out about proposed increases to fire levy rates and called for an explanation from the Minister of Internal Affairs Peter Dunne for why ‘this flawed and unfair course’ was chosen.
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Insurer reveals appeal of Brokers

Allianz Worldwide Partners’s newly-appointed New Zealand CEO Renato Mattos says as well as New Zealand being a very mature and sophisticated market, part of the appeal of it for him was its big focus on brokers.
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Insurance will get the blame

Broker representative body fears the insurance industry will bear the brunt of the blame when predicted massive fire levy rate hikes hit over the next two years.
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New Minister for Advisers

Paul Goldsmith is now the former Minister of Commerce following Prime Minister Bill English's Cabinet reshuffle. Jacqui Dean is the new minister and one of her roles will be to finalise the delayed review of the Financial Advisers Act.
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Serious concerns about FSL

Marsh New Zealand’s country head Marcus Pearson has highlighted the ‘unfair burden on insurance purchasers’ that will occur with the government’s proposals in its new Fire and Emergency New Zealand (FENZ) Bill.
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Class action gets green light

A class action against Southern Response has been given the green light to continue proceedings against the Canterbury earthquake insurer.
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Agreement shows way for legislation

The landmark agreement announced yesterday by the Insurance Council of New Zealand (ICNZ) and the Earthquake Commission (EQC) designed to simplify Kaikoura earthquake claims should pave the way for future legislation, says ICNZ CEO Tim Grafton.
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Complaints up by a third

Financial Services Complaints Ltd (FSCL) has seen a busy start to the reporting year with a 32% increase in new cases opened compared to the same period last year.
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EQC and Insurers will work together

An agreement between private insurers and the Earthquake Commission (EQC) will simplify how home and contents insurance claims are resolved for people affected by the Kaikoura Earthquake.
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Industry welcomes agreement

The move announced by the Insurance Council and EQC to work together on the handling of claims arising from the recent series of earthquakes has been seen as a "huge step forward".
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IAG launches Satellite

IAG Australia will seek growth in fast-changing markets through a newly named Satellite division, developed as part of the group’s challenger operations.
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QBE appoints CEO

QBE Group’s decision to parachute CFO Pat Regan into the role of CEO Australian and New Zealand Operations followed an ultimately fruitless external recruitment drive.
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Major acquisition announced

Zurich is set to acquire listed travel insurer Cover-More. Cover-More’s board has unanimously recommended that shareholders vote in favour of the scheme, which will see Zurich acquire 100% of the issued share capital.
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Chief Executives departing message

In a departing message EQC Chief Executive Ian Simpson says lessons have been learned from the Canterbury earthquakes. As a result the response to the Kaikoura earthquakes will be different.
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Was it a ‘full and final settlement’?

The Supreme Court has dismissed an appeal by Prattley Enterprises in its case against Vero. Although a ‘full and final settlement’ had been signed Prattley sought to overturn it.
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Articulating Broker value

In the latest addition to our White Papers section, we have a paper prepared by Insurance Age in conjunction with Zurich on the Future of Broking: Articulating the value of a broker.
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Review of Membership Subscriptions

Recently the board of IBANZ has been looking at the structure of IBANZ and in particular the membership subscriptions you pay to belong to our professional association.
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Eqke delays review

The Ministry of Business, Innovation and Employment (MBIE) review of legislation regulating financial advisers including insurance brokers has been delayed. A reallocation of resources following the Kaikoura earthquakes is the reason behind this latest delay.
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Disruptor reveals claims approach

Lemonade has lifted the curtain on its tactics in the claims space as the major disruptor looks to upend the industry. Co-founder of the firm, Shai Wininger, said that claims processes were a key reason for the start of the business.
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Cross subsidies will end

IAG Chief Risk Offcier, Karl Armstrong says an end to ‘cross-subsidisation’ on the horizon. Speaking to interest.co.nz he said “What we must consider at some stage in the future is a user-based pay system.”
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Repair bill estimated at $8 Billion

Insurer regulator, the Reserve Bank of New Zealand (RBNZ), believes the magnitude-7.8 Kaikoura earthquake on 14 November could cost up to NZ$8 billion to repair damaged infrastructure and buildings.
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Policyholders selective disclosure

Policyholders selective in what they tell their insurers according to a survey by IAG New Zealand. As part of the ‘IAG Safety Insights Monitor’*, the survey was carried out in June this year.
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Separate company for quake losses

Tower posted a wider annual loss as the general insurer set aside $25.3 million for provisions due to the Canterbury earthquakes, and detailed plans to separate out the claims into a new unit.
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Reinsurance cover for quake claims

Reinsurance capital looks set to pay for some of the damage caused by this weeks earthquakes in New Zealand, with local insurers having low deductibles and the EQC likely to call on its program as well.
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Manning turns up heat on FSL

Insurance tax campaigner and LMI Group MD Allan Manning says New Zealand should reconsider its fire services levy (FSL) following the latest series of earthquakes.
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Doyle hits Beach

After numerous senior insurance roles at AIG New Zealand, Zurich Australia and Dual in the UK, Shane Doyle has now been made a partner at Canadian insurer/re-insurer Beach.
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More than 1,000 claims received

Vero has received more than 1,000 claims following the Kaikoura earthquake which struck two weeks ago today - and the company has now set up an official base there.
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Settlement likely to be by cash

The Earthquake Commission (EQC) is unlikely to replicate its home repair programme in Kaikoura and surrounding towns hit hard by this month's earthquake. It will pay homeowners cash instead.
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Warning on non-structural risks

The Govt yesterday released practice advisories to the building industry on restraining ceilings, ducting and other non-structural elements with an eye on improving the safety and resilience of commercial buildings during earthquakes.
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Issues with proposed merger

The Commerce Commission has released its preliminary issues with a proposed merger by Aon and Fire Protection Inspection Services Limited (FPIS) and is now inviting submissions to be made before 2 Dec, 2016.
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EQC scammers strike

The Earthquake Commission (EQC) is warning customers to be aware of fraudulent phone callers and fake assessors coming to their property in the wake of last week’s major earthquake.
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Autosure sold to Turners

Suncorp New Zealand today announced the sale of the majority of its Autosure motor insurance business to Turners Limited, and the start of a new corporate partnership with Turners.
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Insurers scan social media for fraud

Insurers are increasingly turning the tables on fraudsters by scanning social media, according to a white paper from QBE North America. It says investigators regularly uncover fraud by trawling websites such as Facebook.
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NZ Switches host

Insurance technology company SSP New Zealand will move to a local data host to avoid a repeat of recent disruptions to its broker clients, caused by a power cut at its UK data centre.
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Praise "prudent, disciplined" insurers

Australian general insurers will achieve combined operating ratios of about 95% next year, even as premium growth remains flat, according to S&P Global Ratings.
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Loss predictions

Catastrophe modelling firm AIR Worldwide says it thinks the value of insured losses the industry will face from last week’s earthquakes near Kaikoura will be a minimum of $1.15 billion and could even hit as high as $5.3 billion.
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Deal to end freeze

Major insurers have agreed to a deal to lift the "freeze" on new house insurance policies being issued. Immediately after the first earthquake centred on Kaikoura insurers stopped issuing new policies
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Update on Nat Cat FY17

IAG today provided an update on natural peril events in the 2017 financial year-to-date. Although the gross cost from the recent trans-Tasman storm and New Zealand earthquake events is still uncertain, it is anticipated that a net cost up to $200 million will be incurred.
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Average cyclone season predicted

According to the National Institute of Water and Atmospheric Research (NIWA), the region can expect eight to 10 tropical cyclones this season, compared with 18 last season.
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Availability of new Insurance

The Insurance Council of New Zealand advised today that insurers are working hard to minimise any disruption to the availability of insurance for people putting offers in on houses.
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Work continues

Insurance workers unable to access their place of work are going all out to help clients by working from home following Monday’s earthquake.
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SSP system breaks down again

Brokers on SSP have encountered another connectivity issue affecting its Pure Broking platform this morning following the chaotic breakdowns last week and yesterday (14 November).
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H&S reforms raise concerns

New Zealand SMEs are grappling with greater potential liabilities under new health and safety rules and emerging risks, NZI EGM Business Travis Atkinson says.
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Reviews will strengthen regulation

New Zealand’s regulatory regime will be strengthened and may become more transparent after current reviews are completed, according to consultant Geof Mortlock.
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Industry into action

Insurance industry bosses have been conducting headcounts and safety assessments to ensure their staff members are safe and well following last night’s 7.5 magnitude earthquake near Culverden.
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Complex premium impact

The shift towards driverless cars will probably have a mixed impact on premiums, according to Munich Re Underwriting Manager Australasia Scott Reeves.
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Trump fallout

As the world shifts on its new Trump axis, members of the insurance industry in New Zealand are attempting to remain optimistic despite a bad prognosis predicted for the Trans Pacific Partnership (TPP).
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Allianz Global Assistance appoints new NZ CEO

Allianz Global Assistance, New Zealand’s leading travel insurance and assistance provider, and the specialist brand of Allianz Worldwide Partners, has announced the nomination of their new CEO, Renato Mattos.
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BHSI to partner with Cover-More

Specialist travel insurance group Cover-More has announced a binding heads of agreement has been signed with Berkshire Hathaway Specialist Insurance Company.
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Brokers need to innovate

Brokers must innovate to help close the protection gap and stay relevant or question their whole long term value proposition, says Lloyd’s of London CEO Inga Beale.
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Aon look to acquire FPIS

Aon has made a bid to acquire Fire Protection Inspection Services (FPIS). The Commerce Commission announced that it had received an application from the brokerage giant in a statement yesterday.
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Action needed on NZ legislation

Lloyd's of London is urging the New Zealand government to review legislation governing privacy and the Earthquake Commission (EQC), for a better idea of risk exposure.
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EQCover Insurers Guide updated

The Earthquake Commission have advised their EQCover Insurers' Guide has been updated with a copy available for downloading from their website.
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The "uncomfortable truth"

Insurance academic Dr Michael Naylor has issued a loud warning bell to the industry this week with the release of his meta-study examining the numerous disruptive technologies that will transform the sector.
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Regulators levies to increase

The Financial Markets Authority will hike its levies for financial services firms and get an extra $9.8 million from the government a year after Commerce Minister Paul Goldsmith signed off on an increase in the regulator's funding.
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Delayed review creates risk

The world’s second largest reinsurer says the Government should get on with amending the EQC Act before insurers are forced to start paying a premium for the uncertainty caused by the legislative review being delayed.
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Insurers settle $19 billion claims

The Insurance Council of New Zealand announced today that private insurers have paid out nearly $19 billion to settle commercial and residential claims since the Canterbury earthquakes in 2010 and 2011, of which nearly $9 billion was for domestic claims.
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In 14 years to be precise

Well at least for the car insurance industry, which will cease to exist by 2030 according to a new book written by a Massey University lecturer Michael Naylor, a senior lecturer in insurance at Massey's business school
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Increase seen as excessive

Brokers have been left reeling by a proposed 40% increase to fire levy rates. IBANZ CEO Gary Young told Insurance Business the huge increase was ‘substantially higher’ than expected, which was ‘concerning’.
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Review set to drag on

The long-running Treasury-led review of the Earthquake Commission's funding and policy structures is set to drag into the 2017 election year as consultation on proposed changes throws up a number of thorny issues.
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Slow uptake of Cyber Insurance

Norton by Symantec today released new survey data revealing only 9 percent of NZ small businesses are looking to purchase cyber insurance in 2017 and currently only 6 percent hold a cyber insurance policy.
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Big increase for Fire Levy

The Fire Service Commission has this morning released a consultation document on proposed fire service levies for next year. They suggest an increase of 40% will be required from the 1st July 2017.
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China Expansion too risky

The chairwoman of IAG has revealed that the company's board decided expanding into China was simply "too expensive and too risky".
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Cover now available in Australia

Australian claimants looking to protect themselves against a loss at trial can now insure locally instead of sourcing cover from overseas. Aon has placed an “After the Event” (ATE) policy through underwriter Ironshore Australia.
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U/W agency moves into NZ

Australian underwriting agency Mecon Insurance has opened for business in its founder’s home country of New Zealand.
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Details of review not yet ready

The Ministry of Business, Innovation and Employment's recommendations for the new version of the Financial Advisers Act were revealed in July however it will be towards the end of the year before advisers get more detail of what is expected of them.
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Annual Report released

The Earthquake Commission paid out nearly half a billion dollars to settle claims in Canterbury in the financial year to 30 June 2016, its annual report released today shows.
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GST Rules change

New GST rules have been implemented responding to the growth in cross border services and intangibles. These changes apply to the provision of “remote services” by a non-resident to a NZ resident.
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New standards avoided - for now

The Australian government is introducing new laws to mandate professional standards for financial advisers. But general insurance brokers can rest easy – for now – as they have been carved out of these proposed new laws.
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Brand loyalty a double edged sword

Brand loyalty a double edged sword for the New Zealand insurance industry. Latest whitepaper highlights impending threat of emerging convenient competition and cautions existing insurance providers of complacency.
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New Payment Platform

New Payments Platform could have an impact on insurance brokers - KPMG outlines the ten biggest emerging risks for the insurance industry.
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Review follows Osaki Ruling

The insurance industry has welcomed news that Building and Housing Minister Dr Nick Smith wants to review the Residential Tenancy Act following the confusion caused by a recent Court of Appeal ruling.
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More seeking Cyber protection

The number of companies buying standalone cyber insurance has jumped 29% compared with last year, according to a Risk and Insurance Management Society (RIMS) survey.
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Pricing pressures remain

Insurers will struggle to raise premiums as the tough operating conditions that have depressed margins in the past few years show no signs of easing, KPMG says.
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Digital claims tech unveiled

New self-serve digital insurance claims technology unveiled for the first time in New Zealand and Australia this week is set to ‘redefine the customer experience in claims management’, according to the tech providers behind it.
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Crash Management's IQ College sponsorship - September draw winner!

Thank you to everyone who entered our September draw! There can be only one winner though - congratulations to......
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Thoughts on the future

Consumers are now interacting with insurance organisations via omnichannels more than ever before. Andrew Savigar at Premium Choice, shares his thoughts on embracing new technologies.
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Brokers face pressure

Brokers face “a great deal of pressure” as changing customer attitudes could dramatically change the industry according to innovator Scott Walchek, CEO and founder of on-demand insurer Trōv.
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Invitation to Cyber Risk Event

What small-medium sized businesses need to know. ICNZ is running a cyber risks event in conjunction with the Canterbury Employers Chamber of Commerce and DPMC’s National Cyber Policy Office as part of Connect Smart week.
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Fined but remains ICNZ member

Insurer Youi has been fined $100,000 by the Insurance Council of New Zealand. ICNZ's president Chris Black said Youi had been allowed to remain an ICNZ member due to its unreserved apology to affected customers.
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Concern over marine losses

The International Union of Marine Insurance (IUMI) has expressed concern over the increasing number of large marine losses and their potential to put severe financial strain on insurance companies.
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Warning on disrupters

Brokers are being urged to heed the warnings posed by industry disrupters such as US peer to peer insurer Lemonade before the threat becomes too overwhelming.
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Chief Executive to depart

Earthquake Commission Chairman Sir Maarten Wevers announced today that Chief Executive Ian Simpson would leave the organisation at the end of the year to take up the role of Chief Executive at GNS Science in 2017.
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Marine premiums sinking fast

Global marine underwriting premium dropped 10.5% to $US29.9 billion last year, the International Union of Marine Insurance (IUMI) conference in Genoa heard.
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Lessons to learn

The recent problems with the SSP Pure Software have caused enormous disruption to those businesses who depended on its availability. So, what are the lessons to be drawn from this unfortunate episode?
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Changes confirmed

The Earthquake Commission (EQC) has confirmed the shape of the organisation for 2017 as its work in Canterbury enters its final phase, EQC Chief Executive Ian Simpson says.
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"First peer to peer Insurer"

Peer-to-peer insurance startup Lemonade is open for business. The New York-based company promises it will reinvent the insurance business model and make insurance a “delightful” experience for consumers.
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Feb 2016 settlements reach $25M

The Earthquake Commission has passed the halfway mark for settling the February 2016 earthquake claims, says EQC’s February 2016 Event Response Manager, Jayne Lapin.
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How are you different?

Insurance brokers are ‘maze-keepers’ and synthesisers of complex information about insurance policies for customers, says Andrew Klein, an expert at presentation skills. What are you doing to win and keep clients? How are you adding value? asks Klein.
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Health & Safety warning

While the dust may have settled, significant uncertainty still surrounds New Zealand’s Health and Safety at Work Act but are Australia's “eye-watering” H & S fines an omen for NZ?
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Client expectations changing

Experts speaking at a recent conference have warned brokers about the impact of emerging technology on the sector and urged them to be innovative in their approach to customer engagement.
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Just to be clear

In the latest Covernote an article - Statutory Time Limits for Canterbury Earthquake Claims - referred to a deadline of 4 September 2017. It should be noted this is in relation to residential claims.
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"Add on" insurance under scrutiny

The Australian regulator ASIC has put insurers on notice to address serious failures in the sale of add-on insurance through car dealers, following a review of general insurance policies sold through this channel.
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Cut broker fees - Lloyd's Chairman

Reinsurers, forced to cut prices for four years in a row, should target brokers’ fees as the industry seeks to reduce costs, according to Lloyd’s of London Chairman John Nelson.
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Time up for "Insurance Broker"

Is it time to “eradicate” the term insurance broker? A pair of industry leaders have mooted the idea at the NIBA Convention held in Melbourne.
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Google's insurance intentions

The name “Google” has been one of those floated around as a potential new player in the insurance arena – and one that, on name value alone, would likely eat up a significant volume of business.
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What is good advice?

RFAs e.g. insurance brokers, are being warned that while what counts as a good advice process for them might be a “grey area” at the moment, they should expect to have to follow a set procedure soon.
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AA to offer full replacement cover

AA Insurance announces move to full replacement cover Competition is turning up in the home insurance sector yet again with the latest insurer to introduce full home replacement cover being AA Insurance.
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Outsourced data for brokers?

Software provider SSP still has failed to provide access to New Zealand users some 3 weeks after an outage. What do local users think?
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Loss ratios at 15 year low

Insurers' loss ratios on domestic house and contents cover have fallen to just over 50% cent in 2014 and 2015, the lowest in any of the last 15 years.
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Latest report on Western Pacific

In their latest report liquidators, Grant Thornton report that all known claims have now been assessed by loss adjusters. They are now waiting on 12 insured parties (being 26 losses) to return the discharges.
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New Code Approved for AFAs

Commerce and Consumer Affairs Minister Paul Goldsmith today announced changes to the Code of Professional Conduct for Authorised Financial Advisers (AFAs).
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Further hit to profit

Tower expects to take a $16.2 million hit to its after-tax profit as it increases claims provisions for the Canterbury earthquake due to greater-than-expected new claims from the Earthquake Commission and increased litigation and customer disputes.
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IBANZ takes issue with ICNZ

NZ insurers want lawmakers to turn their sights onto the role brokers play in the collection of fire levies as they draw up the new Fire and Emergency New Zealand (FENZ) bill. However IBANZ has taken issue with ICNZ’s suggested amendments.
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Revised remedial numbers

EQC has failed to pick up 2200 extra requests to re-repair damaged Christchurch properties. Shared service general manager Gillian Dudgeon admitted the bungle, revealing EQC has more requests to fix repairs than previously thought.
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Insurers allay fears

Fears that a class action against steel mesh makers could invalidate homeowners’ insurance in New Zealand are being allayed by the Insurance Council of New Zealand (ICNZ).
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Increased due diligence needed

Brokers have been urged to carry out due diligence disaster recovery following the SSP saga. A senior person at a software competitor pointed out that brokers used to host their own software "in the old days".
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Telematics revolutionising insurance

Data is transforming the insurance industry but a clear strategy is needed to change this raw material into actionable insight to drive business decisions.
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Co-founder steps down

Young Insurance Professionals (YIPs) Australia and New Zealand is turning five, and with the organisation bigger and better than ever before, its co-founder Sampath Soysa has decided to step down from the role.
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Insurers could get public warning

The Reserve Bank of New Zealand (RBNZ) says insurers may be issued “public warnings” if they fail to comply with a new data collection regime.
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Formal discussions to start

More of the countries’ adviser associations will be approached more formally early next month about the possibility of becoming involved with new association - Financial Advice New Zealand.
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Quake Outcasts lose appeal

A group of uninsured Christchurch homeowners who was seeking full compensation of 2007 rateable value (RV) for their uninsured homes has lost their appeal in High Court, it has been reported.
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Booklet seen as unhelpful

Insurers pressured the Government not to publish a booklet guiding Canterbury homeowners through the cash settlement process.
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Significant Insurance law change

The UK’s Insurance Act came into force on Friday, marking the biggest legislative shake-up in commercial insurance contract law for more than a century.
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Australia / NZ CEO departs

Australia and New Zealand CEO Tim Plant has left QBE with immediate effect as the insurer continues to battle challenging conditions.
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Insurers should assess damage

Insurers should conduct assessments for future natural disasters so that the most damaged properties can be rebuilt or repaired much sooner, according to Mr Tim Grafton, Chief Executive of Insurance Council of New Zealand.
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Restructure to reduce staff

With post-Canterbury earthquake work wrapping up, the Earthquake Commission (EQC) is letting go of hundreds of staff in a restructuring programme.
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To plead guilty to 15 charges

The Commerce Commission says insurer Youi will plead guilty to 15 Fair Trading Act charges alleging it employed misleading sales techniques when attempting to sell policies to consumers who were only seeking a quote.
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Crash Management Support Professional IQ College

"An investment in knowledge pays the best interest" - Benjamin Franklin....... Crash Management recognise this through support of Professional IQ College, with a monthly workshop sponsorship.
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Reinsurance cover still available

“Suncorp does not anticipate the need to purchase any additional cover. Whilst uncertainty still exists, we are comfortable that our existing reinsurance programme will protect us from any material impact on our profit.”
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D & O Rates decline

Directors and officers liability pricing for publicly held clients that renewed in both this year’s and last year’s second quarter decreased 9.8%, according to latest report.
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Insurers unsure of quake liabilities

Private insurers have no idea by which date they hope to know the full extent of their liability from the 2010-11 Canterbury earthquakes, the Insurance Council of New Zealand (ICNZ) has said.
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General insurance lifts earnings

Suncorp Group's New Zealand general insurance units Vero and AA Insurance lifted annual earnings as they benefited from growth in more profitable motor business, although the local group is still focused on stripping out costs.
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Summary Judgement fails

Tower Insurance has failed in a quick-fire attempt to beat a claim over damage from a blaze at an Auckland rental property where methamphetamine was allegedly being cooked.
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Facts to sell Cyber Insurance

The more a business knows about data breaches and cyber exposures, the more it appreciates the value of Cyber insurance. Every year new studies offer the latest facts and insights.
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March costs Insurers $30M

Two days of wild weather in March that caused several rivers to overflow has cost insurers $30 million dollars, the Insurance Council of New Zealand reported today.
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Dawson sells stake in business

AUB Group and independent New Zealand broker BrokerWeb Risk Services have joined forces to take a 50% stake in Dawson Insurance Brokers in the North Island city of Rotorua.
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Lower yields challenging insurers

Shrinking bond yields are challenging Australia's general insurers which may turn to riskier investments as they struggle to generate income and safeguard thinning margins, reported Bloomberg.
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Good conduct guide released

Insurance companies have welcomed the Financial Markets Authority’s (FMA) guide outlining how it will examine whether or not financial services providers are demonstrating good conduct.
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Appointment announced

Marsh has announced that it has appointed Mr Marcus Pearson as Country Head of NZ, effective 31 January 2017. Mr Pearson will report to Mr Scott Leney, CEO Pacific Region, and be based in Marsh's Auckland office.
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Cyber cover launched

Berkshire Hathaway Specialty Insurance Company (BHSI) announced it has introduced Cyber Liability Insurance in New Zealand and appointed Ian Marshall to lead the product line locally.
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Consultation on Funding

Commerce and Consumer Affairs Minister Paul Goldsmith has called for submissions on the reviews of Financial Markets Authority (FMA) funding.
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Court ruling creates rush of calls

A landmark legal settlement that ruled the EQC had to repair quake-damaged houses to ‘when new,’ and not pre-earthquake, standard has led to a growing workload for the commission, it has been reported.
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Ransomware major cyber threat

Ransomware has reached a new level of maturity and menace in the past year, with the ransomware business model being perfected and creating a "gold-rush" mentality among attackers.
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Report released under OIA

The full Treasury report, prepared last year and summarised in a release earlier this year, on "sum insured" cover for domestic dwellings has now been released under the Official Information Act.
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Rating affirmed with revised outlook

AM Best has affirmed the Lloyd’s rating of A (Excellent) but has revised the outlook to stable from positive.
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Less time for advice

Small financial advice firms who have only just finished getting their businesses in line with the current Financial Advisers Act now face a hefty bill to do it all over again.
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Business unprepared for AVs

Most companies are unprepared for the emergence of autonomous vehicles (AVs), according to corporate risk managers surveyed by Munich Re at the 2016 Risk and Insurance Management Society Conference (RIMS).
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Malicious damage fears unfounded

Concerns about malicious damage by tenants may be keeping landlords awake at night, but their fears are unfounded, according to the findings of a recent AA Insurance Home Survey.
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Next battleground for brokers

The smaller end of commercial insurance could become the next battleground between brokers and direct insurers, according to one industry expert.
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Different accountability an issue

The Professional Advisers Association is wary of plans to make large firms offering financial advice accountable for the actions of their agents rather placing the onus on the agents themselves.
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ICNZ defends response to meth labs

“It is another area where there is a great deal of uncertainty in play, with one expert challenging another about the risks posed and remedies required,” CEO Tim Grafton said in response to an article by lawyer Andrew Hooker.
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Out of jail with new skills