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IBANZ launches "CoverNote Live" website with the latest news for professional insurance brokers
20 Feb 2018
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Thought provoking article on brokers
13 Feb 2018
Steve Bennett of Sparta writes a thought provoking article on insurance brokers - "Does your company culture help or hinder your business".
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Illusion of insurer competition
12 Feb 2018
A proliferation of brands from a few providers is camouflaging a high insurance market concentration in Australia, according to a Productivity Commission draft report.
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Ratings downgraded
12 Feb 2018
Trading in the shares of Auckland-based insurer CBL Corporation remain suspended on the New Zealand and Australian securities exchanges as the company considers a capital-raising of more than $NZ100 million.
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Sth African insurer culls NZ workforce
12 Feb 2018
Youi says in a statement to insuranceNEWS.com.au that natural attrition has affected staff numbers and a “small number of redundancies” were made with the rationalisation of its roadside assistance service.
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Driverless cars: the big questions
08 Feb 2018
There are questions surrounding liability that remain unanswered when it comes to driverless cars, according to an expert - Arun Baid, global delivery head, insurance, at Cognizant
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NDBI - next missing piece
07 Feb 2018
“Non-physical damage business interruption (NDBI)…is the next stage in the evolution of covers.” So says the world’s second-largest reinsurer, Swiss Re.
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Reinsurance pricing up, a little
06 Feb 2018
Reinsurers were able to increase rates throughout January renewals but not by as much as some may have thought, according to John Carroll, head of broking at Aon Benfield.
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Government to widen review scope
05 Feb 2018
A Government review of insurance contract legislation may be extended to cover other aspects of the industry. The terms of reference of the review are still being worked out, but it may be wider in scope than originally thought.
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A changing insurance sector
02 Feb 2018
Tim Grafton (ICNZ Chief Executive) - Insurance Business column on a changing insurance sector and what needs to stay the same.
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Business travel risks predictable
02 Feb 2018
New data from SOS titled ‘Rethink Unpredictable’, determines upcoming business travel trends that challenge the concept of volatile travel risks.
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Bank haircuts, insurance holes
02 Feb 2018
OPINION - Rob Stock: The last decade has taught us a lot about breathing life into dead banks, finance companies and insurers.
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Research funding on natural disaster
02 Feb 2018
The Earthquake Commission (EQC) is funding investigations on New Zealand’s big natural disaster questions.
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Ratings outlook down to stable
01 Feb 2018
Australia's largest global insurer has maintained its strong credit ratings, but had its ratings outlook downgraded from positive to stable by S&P Global Ratings.
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Breakfast with Mai Chen
31 Jan 2018
Governance New Zealand and Women on Boards invite you to a special breakfast presentation in Christchurch to hear Mai speak about the critical attributes of a successful Director in the 21st century.
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5 Cyber insurance trends
31 Jan 2018
What will cyber insurance buyers face in the coming year? Here’s a snapshot of the top five trends buyers can expect, based on findings from Willis Towers Watson 2018 Marketplace Realities Report: Cyber risk.
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Lemonade is on the move
31 Jan 2018
Beware the industry disruptors, warns the CEO of a European claims firm, who says that insurtech firm Lemonade is headed for Europe.
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Weird world of insurance tax
30 Jan 2018
Property that can incur taxes two or three times. Excessive property details must be declared so those who choose to protect their assets can be taxed to a point where personal responsibility becomes unaffordable.
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Reviews of unfair contract terms
29 Jan 2018
There is pressure on both sides of the Tasman, from Consumer NZ and the Australian Federal Government, to review the exemption for insurance from laws covering unfair contract terms.
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Detection technique boost for insurers
26 Jan 2018
University of Canterbury engineers might just have a way to address the lack of information about the extent of damage to building materials in the event of an earthquake.
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Kaikoura claims update
26 Jan 2018
Just under 90% of all domestic claims for the Kaikoura earthquake recovery have been partially or fully settled, ICNZ has announced.
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Recipe for disaster
25 Jan 2018
A policy think tank, The New Zealand Initiative, says New Zealanders know a lot about earthquake preparedness; but the government needs to attend to its own earthquake preparedness.
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Cloud shutdown could cost billions
25 Jan 2018
A recent Lloyd’s of London report, co-written with modeling firm AIR Worldwide, found that if at least one top cloud computing provider temporarily shuts down, it could result in billions of dollars lost.
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Call for closer look
24 Jan 2018
Consumer NZ has called for regulators to take a closer look at insurance products sold via car dealers in the wake of an Australian review which has forced insurers to pay back millions to customers.
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Bill to speed up quake claims
24 Jan 2018
A members' bill aiming to speed up insurance settlements has been lodged. The bill, proposed by MP for Kaikoura Stuart Smith, seeks to address the lack of legislative timeframes for settlement offers.
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QBE expects $US1.2 billion loss
23 Jan 2018
QBE has announced that it expects to post a $1.2bn after tax loss due to increased natural catastrophes in the final quarter of 2017 and two “significant” one-off non-cash items.
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Natural Cat costs exceed $1.6B
23 Jan 2018
New Zealand can expect to face, on average, annual costs of NZ$1.6 billion or just under 1% of its GDP, from natural disasters, based on data going back to 1900, according to ICNZ chief executive Tim Grafton.
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Almost 1 million telematics policies in UK
23 Jan 2018
There were 975,000 telematics policies live in the UK in 2017 according to annual research by the British Insurance Brokers’ Association (Biba).
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Claims transformation top of agenda
23 Jan 2018
Claims transformation is being pushed to the top of insurers’ agendas thanks to a changing marketplace, heightened customer expectations, and pressure to reduce costs, says Zurich’s head of claims strategy.
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Jobs may move offshore
22 Jan 2018
IAG could be set to shift 55 jobs overseas from its NZI business and a further 77 from the parent company. The roles are currently based in Christchurch but would be done by overseas partners, according to an unnamed source.
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New Partner at Keegan Alexander
22 Jan 2018
Well known insurance lawyer Crossley Gates has today joined law firm Keegan Alexander as an insurance partner. He joins six other partners in the multi-disciplinary firm.
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6th Asia Insurance Brokers Summit
22 Jan 2018
Asia Insurance Review (AIR)are organising their annual Asia Insurance Brokers’ Summit on 13 – 14 March in Kuala Lumpur, Malaysia with the theme “The Digital Savvy Broker: Finding a Secure Sustainable Niche in the Future of Insurance”.
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Five fixes required
21 Jan 2018
Consumer NZ are making cleaning up the insurance industry a priority this year. They are confident there'll be a review of the legislation which exempts the industry from the ban on unfair contract terms in the Fair Trading Act.
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Sales need legal clarification
20 Jan 2018
Houses repaired by the EQC should be banned from being sold until signed off as completed works and the liability of ongoing repairs has been legally established, a concerned homeowner says.
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New appointment at AIG
19 Jan 2018
AIG New Zealand has appointed Fraser Walker as its head of client and broker engagement.
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Credit insurance refunds
18 Jan 2018
Australian consumer credit insurance refunds amount to around A$120M as insurers forced to refund customers for the sale of worthless add-on consumer credit insurance.
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Insurer drops claim
18 Jan 2018
Insurer has dropped a $2660 liability claim against an elderly man who was hit by a car while crossing an Auckland road. Yesterday chief executive John Lyon confirmed Ando had dropped the case.
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New online website
17 Jan 2018
Insure Online has launched its new website that allows small business owners to buy, manage and renew business insurance 24 hours a day, 7 days a week.
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Please explain
16 Jan 2018
Australian insurance companies would have to explain why policy prices are increased and by how much, in new measures being considered by the federal government.
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New CEO announced
10 Jan 2018
QBE has announced that Vivek Bhatia has been appointed CEO of the Australian and New Zealand operations of the firm following an extensive global search.
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Reinsurance outlook stable
10 Jan 2018
There is no fundamental shift in the dynamic of the property/casualty reinsurance market, despite the huge catastrophe losses of 2017, and underwriting capacity remains “intact” for all lines of coverage.
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Gallagher Bassett NZ acquires TriEx
09 Jan 2018
Australasia’s largest third-party claims administrator has announced a new move that will strengthen its offering in the New Zealand market.
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Geonet reveals quake risk
08 Jan 2018
Latest earthquake forecasts show there is a 2 per cent to 14 per cent, or "very unlikely" chance of a large earthquake occurring in central NZ over the next year, but an increased chance of a large event in the next decade.
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70% surge in 3 years
08 Jan 2018
The cost of insurance claims from weather events has surged by 70% over the past three years, the same period also saw a 56% spike in the number of storm and flood claims.
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Evolving cyber threats
08 Jan 2018
Ransomware is likely to continue as one of the greatest evolving cyber threats in 2018, according to Rotem Iram, At-Bay CEO and co-founder.
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Cigna and Auckland Airport
08 Jan 2018
Cigna and Auckland International Airport have partnered up to introduce a travel insurance offering due to the increased level of flights in and out of NZ.
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Further moves on insurance
03 Jan 2018
It was last year that we first told you about Amazon’s plans to enter the insurance industry as it lined up staff for its European business. Now, it appears to be making further overtures towards the sector.
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Cut in catastrophe reinsurance
03 Jan 2018
IAG said on Wednesday it has finalized its catastrophe reinsurance program for 2018, cutting its catastrophe coverage on the back of quota share agreements with three reinsurers.
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Best/fastest adopters will be on top
28 Dec 2017
Robotics, chatbots, artificial and cognitive intelligence – insurers and brokers are already using these technologies, but it could be the best and fastest adopters of these technologies who come out on top.
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Are your clients ready?
27 Dec 2017
Cyberattacks and “the personalised and assertive style of national leaders,” are two of the biggest risks facing businesses in 2018, it has been revealed by a global firm.
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Seeking direct system connection
22 Dec 2017
Insurer Ando will focus on getting more brokers to directly connect into its systems next year, which will strip out some costs, and make the insurance experience better for customers, Ando chief executive John Lyon said.
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Key appointment announced
22 Dec 2017
Berkshire Hathaway Specialty Insurance Company (BHSI) has announced the appointment of Jared McGrath to head its new line of accident & and health (A&H) products in New Zealand. The product line includes corporate travel, group personal accident, and expatriate medical insurance.
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Merger of two members announced
22 Dec 2017
Steadfast has announced the merger of two of its New Zealand members. In a release late yesterday, the firm announced that IC Frith & Associates would be merging with Abbott Insurance Brokers
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Everyone is selling it
21 Dec 2017
Insurance seems to have caught the eye of some far-reaching companies in recent times - Amazon, UK supermarkets, Tesla and Uber competitor BlaBlaCar all looked at it and now Auckland airport has joined in.
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Govt calls for submissions
21 Dec 2017
Parliament has called for public submissions on the Financial Services Legislation Amendment Bill. This legislation replaces the Financial Advisers Act 2008.
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Big investment in Lemonade
20 Dec 2017
AI-based insurance tech company Lemonade has raised US$120 million in Series C funding as it looks to expand its operations outside of the US.
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Latest Eqke assignment decision
20 Dec 2017
Statements made by contracting parties may give rise to enforceable rights. In the latest decision dealing with assigned insurance claims, the High Court has clarified the meaning of detriment in this context.
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Challenging year
18 Dec 2017
This year has presented significant challenges for insurers, ICNZ chief executive Tim Grafton noted when reflecting on 2017 which has seen extreme weather events and the aftermath of the Kaikoura earthquake.
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Vocal critic wants EQC sorted
16 Dec 2017
A vocal critic of the EQC is calling on the government to deal with the government disaster insurer immediately to address the problems it is causing and the lives it continues to impact.
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Timeline for change
16 Dec 2017
The Regulator (FMA) and the Ministry responsible for the financial adviser regime (MBIE) are working on a joint initiative offering assistance in understanding the new regime for financial advice.
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Tenancy law will increase premiums
15 Dec 2017
The Insurance Council say a new tenancy law would drive up premiums - and rents. The amendment to the Residential Tenancies Act was proposed by the previous Government and is now in Select Committee.
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New health insurance scheme
14 Dec 2017
Fairfax Media, owner of Stuff, and nib, New Zealand's second-biggest health insurer, have joined to launch Done, an online-only product with quoting tools for customers to decide which cover they want.
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InsurTech working group created
13 Dec 2017
FinTechNZ has created an InsurTech working group in response to the huge level of interest from the insurance industry. InsurTech is an integral part of the opportunity to advance and transform financial services
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Further confusion sorted
12 Dec 2017
Following on from last weeks story on the confusion with a Financial Services Register website definition IBANZ has now received confirmation that FMA advice on "broker" registration was incorrect.
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Lucrative SME market
11 Dec 2017
Insurers are not fully exploiting the SME market’s huge potential, with customers hungry for improved online offerings, according to a PWC survey.
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Financial Adviser reform legislation
11 Dec 2017
Government has pushed the go button for significant reforms to financial advice. The Financial Services Legislation Amendment Bill has had its first reading in Parliament and now goes to Select Committee.
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FMA prepares for change
10 Dec 2017
The Financial Markets Authority has told incoming Commerce and Consumer Affairs Minister Kris Faafoi that it is working through its preparations for the new financial advice regime.
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Pricing on regional lines
10 Dec 2017
Asia-Pacific reinsurance buyers face a lower likelihood of significant price rises in next year’s renewal season than their catastrophe-hit US counterparts, according to Guy Carpenter.
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Stop clients being “cyber ostriches”
08 Dec 2017
Brokers have a key role to play in ensuring their clients do not bury their heads in the sand when it comes to cyber risk, an expert has said.
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Sedgwick buys Cunningham Lindsey
07 Dec 2017
Sedgwick Claims Management Services, the owner of Vericlaim, has bought loss adjuster Cunningham Lindsey for an undisclosed amount. Brokers promised it will be business as usual.
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Sold more than ever
06 Dec 2017
“We’ve sold more health insurance this year than any other year, and that’s on the back of 2016 which was a good year,” IC Frith Life and Health general manager Bernard McCrea says.
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FSP Registration confusion
05 Dec 2017
IBANZ Members completing their annual registration confirmation on the Financial Services Providers Registration (FSPR) website have found recent changes confusing; not helped by an error on the website.
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Fair Insurance Code review
05 Dec 2017
The Insurance Council of New Zealand (ICNZ) is reviewing their Fair Insurance Code 2016 with the expectation that any changes to the Code will come into effect in 2019.
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Personal cyber risk cover
04 Dec 2017
Personal cyber insurance may become the norm as online crime escalates, London-based analytics company GlobalData says.
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More ambitious second wave
04 Dec 2017
A second wave of insurtech is likely to follow a first-generation shakeout and may have a greater impact on the industry, according to a report by consulting group Oliver Wyman and insurtech investor Policen Direkt.
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NZ insurer's profit margins fall
03 Dec 2017
Gross earned premiums increased by 9% over the year to June 2017 to $9.1 billion, whereas gross incurred claims increased by 52% to $8 billion, according to the Reserve Bank of New Zealand.
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World's costliest disasters
03 Dec 2017
The global (re)insurance industry remains in overdrive after a string of natural catastrophes caused significant losses in quick succession.
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Chatbots impact on brokers
01 Dec 2017
Chatbots will not diminish a broker’s value but will instead improve the user experience for customers wanting a direct online service for simplified insurance, says Cove Insurance co-founder Brett Wilson.
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New Zealand needs to step up
29 Nov 2017
The Insurance Council of New Zealand has reported that small Kiwi businesses are lagging in their uptake of cyber protection compared with their Australian counterparts.
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Survey on broker relationships
27 Nov 2017
The latest UAC CEO Survey has found that senior executives at underwriting agencies are split on whether the role of the broker needs to change.
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Insurers face ‘strategic crunch’
24 Nov 2017
The rising importance of climate risk, and governance around the topic, means insurers face a strategic crunch, an expert has said.
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Time for an "always on" culture
24 Nov 2017
The broking market is adapting to the ‘always on’ culture that is seeing customers demand the facility to self-serve at any time of the day, according to insurance software house SSP.
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Growth allows specialisation
23 Nov 2017
“There’s a lot in the project technology space - as we get bigger, we’re able to specialise in specific areas" says Chief Executive John Lyon as Ando achieves 1% of the market.
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Forecast rise for non-life (re)insurance
22 Nov 2017
Large natural catastrophe losses and current low prices are expected to push up pricing in non-life insurance/reinsurance, according to Swiss Re Institute’s Global Insurance Review 2017, and Outlook 2018/19 report.
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Natural disasters increase until 2060
21 Nov 2017
Climate change will lead to an increase in natural disasters until at least 2060, according to the World Meteorological Organisation (WMO).
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General Insurance Update 2017
21 Nov 2017
Major forces and international trends are shaping the Kiwi insurance industry. The way everyday New Zealanders will buy, manage, and use insurance could become dramatically different.
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Collusion between price-bots
20 Nov 2017
As our local regulator, the FMA, looks at allowing Robo-advice in New Zealand the Australian Competition and Consumer Commission warns of collusion between robots.
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Low point for reinsurer profitability
20 Nov 2017
A catastrophe-ridden 2017 could drive global reinsurer profitability to a six-year low, according to AM Best.
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Warning on "sharing economy"
20 Nov 2017
Vero has issued a warning to those who rent out their cars or homes through the likes of Uber and Airbnb to check their insurance cover.
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Consultation on Robo-advice
16 Nov 2017
In October the FMA decided to grant an exemption to enable the provision of personalised digital (robo) advice. They are now consulting on the draft exemption notice and application documents.
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Agree improvement needed
15 Nov 2017
Kiwi businesses are taking cyber security more seriously – but there’s room for improvement, according to the latest report from cybersecurity products provider Kordia.
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Leaving legacy systems behind
15 Nov 2017
Tower says it aims to leave its larger rivals with 'clunky legacy systems' in its wake by transforming into a "digital challenger" offering customers more tailored products that draw on deeper pools of information.
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CEOs view of digital disruption
15 Nov 2017
Major forces and international trends are shaping the insurance industry, and the way everyday New Zealanders buy, manage, and use insurance could undergo a dramatic transformation, KPMG says.
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Rising sea levels causing issues
13 Nov 2017
Obtaining insurance is likely to become increasingly difficult for Eastbourne home-owners, with Wellington Harbour rising due to climate change.
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Customer relationships are the key
13 Nov 2017
Amazon is well positioned to disrupt the European insurance market, potentially relegating insurers to “price-driven risk carriers” at the back end, according to data and analytics company GlobalData.
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FMA looks to the future
10 Nov 2017
Last week the FMA presented their thoughts on the future in an IBANZ webinar - "Understanding the direction of change to financial advice". A recording of this event is now available on our website for members.
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Role in climate change insurance
10 Nov 2017
A recent United Nations convention has heard much of the world is not insured against climate risks. The important role of brokers within climate change risks has been raised.
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Special manufacturers cover
09 Nov 2017
Delta underwriting agency is providing an exclusive cover for manufacturers which are facing major challenges in relation to recall of contaminated food and beverage products.
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New claims process introduced
08 Nov 2017
CoreLogic, have signed a contract with Vero Insurance to assist them in automating their claims process, and improving the claims experience for their customers.
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Tower takeover cancelled
07 Nov 2017
Suncorp has cancelled its plans to take over Tower. It had hoped to add Tower to its portfolio of NZ businesses, which includes Vero, Asteron Life, and a majority stake in AA Insurance.
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Industry urges fire levy rethink
06 Nov 2017
The New Zealand insurance industry is lobbying the country’s new Labour Party-led government over controversial plans to change the way the fire service levy is calculated.
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Back to the future
06 Nov 2017
Fire services originally started with insurers running their own brigades, hence the fire levy on insurance today. In the US some insurers are returning to this model.
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Model for Kaikoura a success
06 Nov 2017
Insurers are on track to meet their target of having the majority of Kaikōura earthquake settlements complete by year-end proving insurers managing EQC claims is the model for the future say ICNZ.
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Insurance managed by chatbot
03 Nov 2017
A Kiwi start-up insurance company plans to use chat-bot technology to allow people to apply for insurance and make a claim via their mobile phone.
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Suncorp Australia deploys Watson AI
03 Nov 2017
General insurance group Suncorp has announced it has successfully integrated a Watson-based liability verification engine to support its online claims process in Australia.
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EQC premium increase kicks in
02 Nov 2017
The Earthquake Commission (EQC) premium has risen by one-third, in line with an increase announced in this year’s budget to help rebuild funds depleted by the Canterbury and Kaikoura catastrophes.
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Cyber insurance the "wild west"
02 Nov 2017
An expert says that while cyber insurance is essential, the current market is one whole mess – there are no benchmarks for the policies, and both buyers and sellers are doing it all wrong.
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One question brokers should ask
02 Nov 2017
One simple question could help you forge stronger client relationships and ensure long-lasting loyalty – that’s the claim from one former broker who is now an industry-leading corporate advisor.
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Ongoing push for pricing details
01 Nov 2017
NZ has one of the most concentrated general insurance markets in the world, and it doesn’t help that house and car insurers are keeping their prices in the dark, online price comparison site Glimp says.
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Exposed by disastrous quarter
31 Oct 2017
Fitch ratings agency says catastrophe losses from hurricanes, Mexican earthquakes and Californian wildfires may leave Lloyd’s exposed to a ratings downgrade.
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Disrupters target "pain points"
30 Oct 2017
Technological disrupters are adept at targeting insurance “pain points” and are challenging major providers to improve their performance, Suncorp Insurance CEO Gary Dransfield says.
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Interim CEO appointed
28 Oct 2017
QBE Insurance has appointed Inder Singh, currently chief financial officer of its Australian and New Zealand Operations (ANZO), as interim ANZO CEO.
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Most high rise buildings fail test
27 Oct 2017
Building inspections of high-rises in Auckland and Wellington show that most failed to meet earthquake standards to stop people being hit by falling objects.
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Increased interest in online
27 Oct 2017
Over 40% of Kiwis aged 30 to 44 years of age, who were surveyed by research company Colmar Brunton, are likely to shop and purchase insurance direct for car, home and contents products.
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Deep South report welcomed
27 Oct 2017
ICNZ welcomes the Deep South report out today on climate change and stormwater and wastewater systems which highlights the need for a long term approach to adapting to climate change.
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Brokers shouldn’t fear robots
26 Oct 2017
The rise of automation has left many brokers wondering if they’ll be replaced by robots however, two insurtech experts say it’s an unlikely outcome.
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Commitment to Fintech
26 Oct 2017
New Zealand regulator the Financial Markets Authority (FMA) has reaffirmed an agreement with its Australian counterpart ASIC, to nurture fintech and innovation across the Tasman.
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New Government, new Ministers
26 Oct 2017
The new Government is sworn in today and IBANZ in its role of representing the interests of members will now be working with new Ministers.
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Four remits pass at the 2017 AGM
25 Oct 2017
The IBANZ AGM for 2017 was held last Friday, the Board was joined by a number of members. Four remits were put forward and all were past unanimously by the meeting.
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Insurers and Privacy Act requests
25 Oct 2017
Insurers have experienced a recent surge in Privacy Act requests from homeowners with unresolved claims arising from the Canterbury earthquakes.
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Independent review rejected
24 Oct 2017
RBNZ has dismissed calls for its review of the Insurance (Prudential Supervision) Act 2010 to be carried out by an independent body.
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Q3 Cat bill $US 3.6 billion
23 Oct 2017
The third-quarter combined claims burden from hurricanes Harvey, Irma and Maria and other natural catastrophes is about $US3.6 billion, according to Swiss Re.
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Can we insure for climate change?
23 Oct 2017
How the industry responded to climate change could vary but Tim Grafton of the Insurance Council expected an "incremental and gradual transition" to meet issues around vulnerable properties.
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Expansion in Asia on hold
23 Oct 2017
IAG hits the brakes on its Asian growth ambitions saying it is unlikely to make major investments in Asia in the short-term and is focusing on its core Australia and New Zealand markets.
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Tower & Com Com sign settlement
20 Oct 2017
Tower Insurance has signed a settlement agreement with the Commerce Commission to finalise the issue on miscalculated multi-policy discounts it owed to some customers.
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Bad debt insurer enters Chch market
19 Oct 2017
The sales manager of National Credit Insurance Allan Mabey warns of the risky construction sector environment."We're dealing with a large number of Christchurch insolvencies. That's why we've opened an office in the city."
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Personal Robo-Advice allowed
18 Oct 2017
The NZ financial sector will be able to provide clients with online advice from next year and will not need to wait until the Financial Advisers Act (FAA) is reformed in 2019, FMA announced this morning.
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Feedback on Issues Paper
18 Oct 2017
The Reserve Bank has released a feedback statement following the closing of submissions on the Issues Paper: Review of the Insurance (Prudential Supervision) Act 2010.
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Uncertainty in marine market
18 Oct 2017
The global marine market faces a challenging and uncertain outlook after premiums last year fell 9%, continuing a downward trend.
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Innovation opening new markets
16 Oct 2017
Commercial insurers are finding new ways to take on risks once seen as difficult or impossible to cover, according to the latest Swiss Re Sigma report.
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Entrepreneur of the year
16 Oct 2017
Peter Harris, MD of specialist insurer CBL, has been named EY entrepreneur of the year for New Zealand.
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Latest update on Kaikoura
13 Oct 2017
EQC and private insurers continue to make good progress on the over 38,000 residential claims. with 87% of building assessments and 54% of building settlements complete, within eight months of the lodgement deadline.
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New Insurance CEO at Suncorp
12 Oct 2017
New CEO has been announced for Suncorp insurance business. Gary Dransfield steps into the role with Anthony Day leaving the firm after almost 10 years with the business.
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Statistics House to be demolished
11 Oct 2017
Almost a year after the Kaikōura earthquake caused the partial collapse of two floors in Statistics House, insurers have finally agreed the building should be demolished.
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Repair issues going to court
10 Oct 2017
Christchurch residents who bought houses after the earthquakes and since uncovered, and inherited, "botched" repair jobs have today filed High Court proceedings against the Earthquake Commission.
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Law firms to integrate
09 Oct 2017
UK law firm DAC Beachcroft will transfer its New Zealand operation to its global alliance Australian law firm partner Wotton + Kearney.
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Unjustified dismissal claim rejected
06 Oct 2017
Allianz chief executive who was sacked after last year's Kaikoura earthquake has had his claim of unjustified dismissal rejected by the ERA.
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Seminar: Insurance law & regulation
05 Oct 2017
ICNZ is delighted to host Professor Rob Merkin QC and Rebecca Sellers, co-authors of the upcoming 2nd edition of Colinvaux’s Law of Insurance in New Zealand and experts on topic, for a seminar on insurance law and regulation.
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Silent risk presents challenges
05 Oct 2017
The insurance industry may be caught up in the potential returns offered by cyber insurance, but Fitch has warned insurers that their “silent” cyber risk could also see them face substantial losses.
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Youi boosts NZ business
05 Oct 2017
South African insurer, Youi, is slowly but surely growing its business in New Zealand, despite all the bad publicity it’s received.
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Port imposes insurance levy
04 Oct 2017
Increasing charges at Napier Port have Hawke's Bay industries up in arms. A new insurance levy has reportedly tipped local port users - across the horticultural sector, exporters, and transport companies - over the edge.
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Upbeat despite profit decline
03 Oct 2017
Lloyd’s earned a pre-tax profit of £1.22 billion for the half-year to June 30, down from £1.46 billion in the corresponding period last year amid challenging marketing conditions.
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US$600M impact on earnings
03 Oct 2017
QBE today warned that hurricanes and earthquakes which have devastated parts of the US, the Caribbean and Mexico since late August will affect the company’s earnings this year.
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Off "too big to fail" list
02 Oct 2017
US regulators are planning to release American International Group Inc. from the special government oversight ordered for the insurer after its central role in the 2008 financial crisis.
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Life adviser findings
02 Oct 2017
The Financial Markets Authority (FMA) says it will release findings from a targeted review of 24 life insurance advisers with a high level of policy churn by the end of this year.
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Can Intermediaries learn from Apple
01 Oct 2017
“Most intermediaries of the future, and we see lots of this now, won’t make their money through being an intermediary, they’ll make money through other sources,”
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Technology trial
30 Sep 2017
NZI is offering selected transport customers the opportunity to have lifesaving technology installed into their trucks that provides real-time data on driver behaviour, as well as safety alerts.
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Cyber Policies - 5 things overlooked
28 Sep 2017
Cyber insurance policies are some of the most complex policies that a broker will be asked to evaluate. There are five important differences in cyber insurance products that are often overlooked.
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International regulators meet
27 Sep 2017
Insurance regulators from around the world worked on a revised set of “core principles” for the regulation of insurance intermediaries at their most recent meeting in Tokyo on 21 and 22 September 2017.
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Restructure announced
27 Sep 2017
American International Group (AIG) will undergo a major restructure, reorganising its business into three units and combining its commercial and consumer businesses.
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Cyber Security Patching
26 Sep 2017
The outbreak of WannaCry ransomware this year hit hundreds of thousands of computers and caught the world’s attention. The most shocking thing about WannaCry is how easily its rapid infection could have been prevented.
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EQC teams up to clear flood debris
25 Sep 2017
The Earthquake Commission has worked with councils and contractors to clear silt and debris from 251 flood-damaged properties in the town of Edgecumbe, acting on a request from the Government.
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Regulator ponders next move
25 Sep 2017
The Reserve Bank of New Zealand is considering 42 submissions on its review of the Insurance Prudential Supervision Act 2010 and will provide an update on its next step “in due course”.
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Sell on service
24 Sep 2017
The hardening of the property insurance market will mean that brokers will need to sell on service rather than price alone, Runacres Insurance has said.
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Call to supply price info
24 Sep 2017
It's time to force price transparency on car and house insurers in the same way as power providers were forced to do in 2010, according to young technology entrepreneur Michael Speight.
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What brokers want from insurers
23 Sep 2017
Brokers want better communication and digital innovation from insurers, according to a new report from EY entitled The Broker of the Future.
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Is house insurance unaffordable?
22 Sep 2017
House insurance has ballooned as much as 300 per cent in a decade, and for many, it is a cost they are struggling to afford.
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Insurance complaints on the rise
22 Sep 2017
Complaints to the IFSO scheme are at their highest level in 20 years. The scheme received 3,227 complaint enquiries in 2016-2017, up from the 3,193 complaints the previous year.
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Need to discuss premium hikes
22 Sep 2017
Brokers need to be having conversations with their clients about potential hikes in property insurance due to the $2.5 billion in insured losses NZ has suffered over the past 12 months, industry leaders have warned.
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Should broking go digital
20 Sep 2017
Much of current investment in customer service is focused on expanding capabilities in digital service channels but a leading customer service expert says the focus should be more on the human element of customer service
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Rate rises to lift NZ insurers
18 Sep 2017
NZ property and casualty insurers will receive an earnings boost from rate rises in personal and commercial lines, according to S&P Global Ratings.
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Travel Insurer advises cut-off time
18 Sep 2017
Major travel insurer says people won't be able to make claims caused by the Auckland Airport fuel crisis if policy bought after 10am yesterday.
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Positive attitude to risk
15 Sep 2017
Christchurch businesses are more confident about taking risks than the rest of the country, according to latest research from Suncorp New Zealand.
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Majority settled by year-end
15 Sep 2017
Private insurers are confident that the majority of Kaikōura earthquake and Edgecumbe flood settlement offers will be complete by year-end.
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Kaikoura claims top $2 billion
15 Sep 2017
The Insurance Council of New Zealand (ICNZ) released new figures this morning that show the real cost of the Kaikoura earthquake last year.
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SME owners want more
14 Sep 2017
Over 60 per cent of SMEs surveyed in Vero SME Insurance Index said it was very important to receive advice on more than just business insurance.
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Robo-advice by Christmas
13 Sep 2017
The FMA’s proposal to leapfrog the 2019 review of the Financial Advisers Act, could mean an exemption by Christmas to allow “robo-advice”.
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New sum insured tool
13 Sep 2017
AA Insurance has invested in CoreLogic’s Cordell Sum Sure, an automated reconstruction-cost estimation tool that provides a fast, fact-based figure with minimal input from homeowners.
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Court decision on assignment
13 Sep 2017
High Court confirms purchasers of earthquake damaged house who took an assignment of the vendor's insurance claim can only claim indemnity value.
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New appointments announced
12 Sep 2017
Dual New Zealand has announced Blair Quested, Ilene George and Oliver Griffin as new members of its underwriting team.
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Storms produce record year
12 Sep 2017
Several days of bad weather in July left insurers with a $NZ31 million damage bill, and has made this the most expensive year for weather events.
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Chief Executive to step down
12 Sep 2017
QBE chief executive John Neal will step down at the end of December after five years in the top role.
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"later stages" of soft market
11 Sep 2017
AM Best has maintained its negative outlook for the reinsurance sector, which continues to face a tough operating environment.
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Warning on quake vulnerability
11 Sep 2017
Wellington homeowners warned to quake check houses after new research reveals not enough is being done by homeowners to check their biggest asset for earthquake vulnerabilities.
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Blockchain platform set to launch
11 Sep 2017
A marine insurance blockchain platform will run from next year following a 20-week proof of concept, EY and technology company Guardtime say.
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Fraud a serious problem
09 Sep 2017
Some consumers feel they have a "right" to lie on their insurance claims.Karen Stevens of IFSO said "dishonesty was a serious problem for insurance companies".
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Settlement seen as unfair
07 Sep 2017
ICNZ say future governments must pass legislation to clarify how they will treat uninsured property owners after natural catastrophes.
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Insuring 3D printing risks
06 Sep 2017
3D printing technology is no longer a specialist domain, a revolution that will bring challenges to the insurance industry.
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Quake outcasts settlement
06 Sep 2017
The Crown will settle with Christchurch's Quake Outcasts after spending hundreds of thousands of dollars on a lengthy legal battle with the uninsured red zoners.
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Rethink on property claims
05 Sep 2017
QBE is creating almost 190 new jobs in Australia and New Zealand after deciding some claims roles should not be undertaken offshore.
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FMA to tackle oversight gaps
05 Sep 2017
Financial Markets Authority (FMA) will examine gaps in insurance sector oversight after issues were identified by an International Monetary Fund (IMF) assessment.
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SME owners are cynical
04 Sep 2017
Younger SME owners in NZ do business differently to the older generation, and most do not believe they get value out of their insurance.
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Time for disruption in NZ
02 Sep 2017
The New Zealand market could be about to experience a wave of disruption from global insurers according to a trio of CEOs speaking at RIMS Forum.
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IAG applies statute of limitations
01 Sep 2017
IAG, has applied a statute of limitations defence against future insurance claims on housing damaged by the Christchurch earthquake.
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First P2P product
31 Aug 2017
World's first peer-to-peer (P2P) insurer has launched its first offering in Australia – an insurance product for protecting bicycles and their riders.
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Building insurance costs may rise
31 Aug 2017
Insurance brokers have warned that higher taxes and a changing market could see the cost of insuring some buildings rise by more than 50% soon.
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FMA outlines plans
31 Aug 2017
The Financial Markets Authority is laying out how it plans to use its new, increase level of funding – and advisers can expect to receive its attention.
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Disagreement with ICNZ
30 Aug 2017
Two Christchurch lawyers are calling the Insurance Council of New Zealand's criticism of the establishment of an earthquake claim arbitration service, rubbish.
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AUB's NZ plans
30 Aug 2017
Mark Searles, managing director and CEO of AUB Group, has said that the firm will look to replicate its strategy in Australia with its growing NZ business.
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ICNZ rejects Labour's tribunal
29 Aug 2017
The ICNZ has rejected the opposition Labour Party's plans to set up an arbitration tribunal against insurers in Christchurch.
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Steadfast CEO: Hold your nerve
28 Aug 2017
Speaking after the release of their financial results, Kelly told Insurance Business that the firm has “finally” seen rate increases in the New Zealand market.
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Later turn in NZ
25 Aug 2017
Price increases look set to continue throughout the 2018 financial year according to IAG boss who noted “New Zealand was slightly later to turn”
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Merger heads to High Court
25 Aug 2017
Suncorp has lodged an appeal over its bid was denied by the Commerce Commission to acquire Tower through its Vero brand.
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Code Working Group set the scene
15 Aug 2017
The Code Working Group (CWG) has been established to produce a draft code of professional conduct for financial advice services, periodically review it and recommend changes as appropriate.
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Analysis of new Adviser Bill
15 Aug 2017
DLA Piper have produced an analysis of the new Financial Services Legislation Amendment Bill introduced to Parliament on the 3rd August 2017. The Bill overhauls the existing Financial Advisers Act.
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Pressure for change
14 Aug 2017
The insurance industry continues to advocate for change as the government reviews the EQC Act. A number of key changes are seen as essential to improve customer experience.
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Kaikoura earthquake update
14 Aug 2017
The Insurance Council reports that as at 31 July private insurers are 50% settled or partially settled for residential and commercial claims nationally for the 14 November earthquake.
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Timing is everything
10 Aug 2017
It is common for contracts of insurance to have an inception date but not an inception time. The question then arises as to the time at which the policy incepts.
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ICNZ Conference 2017
09 Aug 2017
Registration is open for the Insurance Council's 2017 conference which will take place in Auckland on Wednesday 8th November. The conference explores major forces and influences shaping our world and industry.
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Times they are a-changing…
08 Aug 2017
It’s been almost 700 years since the first insurance contract was issued, and yet it’s only been in the last few years that insurers have faced fundamental changes in the way their industry operates.
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Latest regulation proposals
08 Aug 2017
Internal Affairs have released the latest Cabinet papers on proposals for Fire and Emergency New Zealand levy regulations. The proposals cover exemptions, transitional relief and information requirements.
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Agreement with Claims Central
04 Aug 2017
Claims Central Consolidated has announced that it has signed an exclusive agreement with Ando to roll-out its ClaimLogik technology across property claims.
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Prices rising with costs
04 Aug 2017
Suncorp will increase commercial insurance premiums as a result of its claims outlays for the November 2016 Kaikoura earthquake as well as climbing building and car repair expenses
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New Advisers Bill introduced
03 Aug 2017
A new bill to replace the Financial Advisers Act has been introduced today, Commerce Minister Jacqui Dean announced at the National Advisers Conference.
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NZ insurtech CIS aims high
02 Aug 2017
An insurtech firm, which has been piloting policies in New Zealand for several years, is ready to stake its claim in the cyber and data insurance market.
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New backer seen as necessary
01 Aug 2017
Tower needs to find a new financier after New Zealand’s Commerce Commission declined Vero’s application to acquire the insurer, according to an industry commentator.
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Different approach by woman owners
31 Jul 2017
Women who run SMEs are less likely than their male counterparts to use brokers to buy insurance, and are more likely to go online to examine the possibilities, according to Vero research.
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High level of non-compliance
28 Jul 2017
A specialist has revealed that fewer than 34 multi-storey buildings in the nation have fully complied with earthquake standards since they were launched in 1983.
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Lemonade plus Marmalade
28 Jul 2017
Last year we heard about disruption in the insurance industry by a startup called Lemonade. Now another insurtech company by the name of Marmalade is making the news in the UK.
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Investigation and explanation
27 Jul 2017
The Commerce Commission is investigating the competition issues raised by Vero buying 19.99% of Tower’s shares; and provides an explanation of it's decision on the Vero takeover of Tower.
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Quake cover could be withdrawn
26 Jul 2017
Scott Hawkins of Munich Re has told a conference in Wellington there could be a "knee jerk reaction" by insurers if NZ suffered more earthquakes, "The provision of insurance might be something that becomes unattainable".
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Vero acquisition of Tower declined
26 Jul 2017
Competition watchdog the Commerce Commission declines Vero Insurance acquisition of Tower Insurance because it could have meant higher prices for customers and less cover.
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Insurance dominates complaints
25 Jul 2017
Insurance, especially for travel, remains the largest category of complaints investigated by Financial Services Complaints Limited (FSCL),a not-for-profit external dispute resolution scheme for financial service providers and their clients.
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Preparing for a hardening market
25 Jul 2017
As the corporate market looks to be hardening insurers and brokers need to be preparing for it now according to Tony Cope,
Managing Director at Risk Advisory Services.
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Case for robot underwriters
24 Jul 2017
Rather than triggering massive job losses, automation will fill the insurance world with adaptive, tech-savvy employees who welcome change, according to AIG President and CEO Brian Duperreault.
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Record investment in Insurtech
22 Jul 2017
Insurtech funding sky-rocketed in the second quarter of 2017 with claims management appearing to be the next insurtech battleground, a report from Willis Towers Watson has found.
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Global Insurers feel threatened
22 Jul 2017
More than half of global insurers estimate that around 20% of their turnover is threatened by insurtech, according to a new study by PwC.
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Update on Edgecombe
21 Jul 2017
The EQC is continuing to work closely with Edgecumbe following the April 2017 flood. Spokesperson, Paul Walsh, says the settlement of most claims has been clearing silt and debris from underneath and around people's properties.
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28% of Kaikoura claims paid
21 Jul 2017
Private insurers have paid out over half a billion dollars in claims from the 14 November earthquake, leaving a further $1.355 billion to settle, the Insurance Council reported today.
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What is "levy avoidance"
20 Jul 2017
Joint and several liability for "levy avoidance" will come into effect from 1 January 2019 however there is very little detail in the FENZ Act about what "levy avoidance" means in the insurance context and how to identify it.
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Cyber security regulations not needed
20 Jul 2017
The Reserve Bank says there are enough incentives for financial institutions to protect themselves from cyber attacks, there's no need for it to introduce cyber security regulations
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Consolidation of Australian group
19 Jul 2017
Australian insurance group IAG has announced the consolidation of its domestic operations into a single Australian division to simplify operations.
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Where to next?
18 Jul 2017
Clarification of two key areas of government policy, which are particularly significant for the future of IBANZ Members, is due out shortly.
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Future Cyber attack could cost billions
17 Jul 2017
Cyber crime insurers largely avoided costly claims from the recent attacks that hit businesses around the globe. The next global virus could change that.
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Launch of new broking platform
14 Jul 2017
Insurance brokers in New Zealand this week got their first look at a new broking platform from UK based insurance software company SSP, claimed to be a complete solution for the digital age.
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Or maybe panelbeaters are at fault
13 Jul 2017
Panelbeaters blamed insurers red tape for slowing motor vehicle repairs, but the insurers are saying that it is panel beater shortage which is causing delays in repairing insurance customers’ cars.
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NZ Insurers slow on MV claims
12 Jul 2017
The average time taken to repair a vehicle in New Zealand could be reduced by a third if insurers reduce unnecessary red tape according to a new industry survey.
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Policy on levy transition updated
11 Jul 2017
FENZ has released their policy on levy compliance and enforcement for the levy transitional period commencing on 1st July 2017.
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Mental illness exclusions removed
11 Jul 2017
QBE and Cover-More have removed mental health exclusions from their travel insurance policies, in a major departure from the industry’s standard position on such illness.
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Seminar: reducing earthquake failures
11 Jul 2017
Registrations are being taken for a seminar on reducing internal fit-out failure which will be of interest to brokers and their clients with buildings located in active seismic areas.
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Tenant's liability amended
10 Jul 2017
The Residential Tenancies Amendment Bill currently before Parliament seeks to address issues with the original legislation such as liability for damage to rental premises caused by a tenant.
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New President announced
09 Jul 2017
James Smorthwaite of JLT Sydney has replaced Andrew Shepherd as Young Insurance Professionals (YIPs) Australia and New Zealand President.
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Brokers should also be responsible
06 Jul 2017
More than half the insurers in the RBNZ’s recent review 60% of insurers didn’t meet financial strength rating disclosure requirements. ICNZ says brokers should also take some responsibility.
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Migration successfully completed
05 Jul 2017
SSP has announced that it has successfully completed the migration of its broker customers in New Zealand to local data hosting system Interactive.
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Launch of first overseas office
05 Jul 2017
Yesterday Delta launched their first overseas office in Singapore. The move is part of a broader business strategy to grow globally.
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New India seeks to expand in NZ
04 Jul 2017
G. Srinivasan, chairman of New India Assurance, said that the insurer would expand its writings in New Zealand. He said New India is keen to explore new avenues for business.
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"Slow burn" follows cyber attacks
04 Jul 2017
Businesses could face a much higher bill than they expect or are prepared for after falling victim to a cyber-attack arising from its "slow burn", or long term impacts, according to a new report from Lloyd's.
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Adviser voice will be heard
04 Jul 2017
First-hand adviser input will be critical for the working group tasked with developing the new code of conduct for financial advisers, the group’s chair, Angus Dale-Jones, says.
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New laws take effect
03 Jul 2017
New laws requiring the identification and upgrade of earthquake prone buildings come into effect this week, Building and Construction Minister Dr Nick Smith says.
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Management changes
03 Jul 2017
Zurich New Zealand GM Kai Dwyer has resigned from the company, while Zurich’s Sydney-based Head of Commercial Distribution Lori Messori has left after his role was declared redundant.
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Not happy with insurer compliance
30 Jun 2017
A recent survey by the Reserve Bank found that more than half of local insurers complied poorly with financial information disclosure regulations.
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Vero/Tower buyout decision delayed
30 Jun 2017
The Commerce Commission has delayed its decision on whether insurance company Vero will be allowed to buy rival Tower after raising some concerns about the proposed deal.
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Apple moves on cyber insurance
29 Jun 2017
Apple has announced it is working with Cisco to help businesses which use both technology brands to get a discount on their cyber insurance premiums.
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InsurTech on the rise
29 Jun 2017
In New York it was "Lemonade", in London it is "By Miles". Both insurTech organisations signalling a different future for the insurance industry.
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Board backs Suncorp takeover
28 Jun 2017
Tower board has given its backing to a takeover offer by Suncorp which is making the offer through its local business Vero.
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Reforms to EQC Act announced
27 Jun 2017
Finance Minister Steven Joyce and the Minister Responsible for the Earthquake Commission Gerry Brownlee have announced plans to simplify and improve the EQC scheme for New Zealanders.
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Tower trading halt as bid increased
26 Jun 2017
Tower shares are in a trading halt as the general insurer's board goes through the detail of an increased takeover bid from ASX-listed Suncorp Group's Vero Insurance New Zealand unit.
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Robo-advice on general insurance
23 Jun 2017
General insurance is one of the products for which the FMA is proposing an exemption to allow entities to provide personalised advice generated by a computer programme or algorithm (robo-advice).
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Making the leap to blockchain
22 Jun 2017
Blockchain is making inroads into the insurance sector with the announcement of new initiatives aimed at expanding the use of the digital ledger technology.
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Crowdfunding or insurance
21 Jun 2017
One in six New Zealanders is putting themselves at risk by travelling overseas without insurance, instead relying on public appeals for money to pay medical bills should something go wrong.
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Code Working Group announced
21 Jun 2017
Nine people have been appointed to a working group to develop the new code of conduct for financial advice, Commerce and Consumer Affairs Minister Jacqui Dean announced today.
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Kaikoura claims reach $1.84b
21 Jun 2017
Insurance claims for November's 7.8 magnitude Kaikoura earthquake have hit $1.84 billion, more than half for damage to Wellington buildings and businesses.
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New CEO appointed
20 Jun 2017
American International Group Inc. has appointed Elliot Hill as CEO of AIG Insurance New Zealand, effective October 01, 2017.
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Extreme weather costs $84m
19 Jun 2017
The two cyclones that pounded New Zealand during April and caused residents of Edgecumbe to be evacuated have resulted in insured costs of $84 million the Insurance Council of New Zealand reported today.
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FENZ levy decisions due in July
19 Jun 2017
The Department of Internal Affairs (DIA) has set out the timing of the remaining key decisions relating to the statutory regime for the Fire and Emergency New Zealand (FENZ) levy.
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Enhanced cyber offering
19 Jun 2017
Underwriting agency Dual has introduced a $250,000 sub-limit for social engineering, phishing and cyber fraud under its cyber product.
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Call for Building Warranty Scheme
18 Jun 2017
Auckland mayor is throwing his weight behind a Mayoral Housing Taskforce Report recommendation for central government to investigate introducing a building warranty or insurance scheme.
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Terrorism cover could change
17 Jun 2017
ANALYSIS: the nature and effects of recent terrorist attacks are broadening the industry's understanding of terrorism insurance, and could result in a permanent shift away from policies based on damage to property.
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Decisions on EQC review in July
16 Jun 2017
The long running Government review of the Earthquake Commission Act may finally be coming to a conclusion next month. This review, undertaken by The Treasury was initiated following the Canterbury earthquakes.
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Reinsurance recovery at $814m
15 Jun 2017
The government statistical department has increased its estimate of the Kaikoura earthquake reinsurance recovery due to insurance companies, from $694 million to $814 million.
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Working to avoid Kodak moment
14 Jun 2017
Lloyd’s is acting to adapt to changes sweeping across the insurance sector and avoid meeting the same sorry fate as Kodak, which used to dominate the camera industry.
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New Lloyd's Chairman
14 Jun 2017
Bruce Carnegie-Brown officially started as Lloyd’s new Chairman today, taking up the role following the retirement of John Nelson.
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MV premiums rising
13 Jun 2017
Insuring a car might be about to get a lot more expensive, with an increase in car crashes and more expensive high-tech vehicles being blamed for a hike in premiums.
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Seminar on Internal fit-out failures
12 Jun 2017
The ICNZ has teamed up with BRANZ, EQC and Wellington City Council to bring a seminar that will explore the problems around the failure of building internal fit-out components in an earthquake.
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Claim payouts continue to slow
11 Jun 2017
The property insurance claims coming in from the Canterbury earthquakes are piling up, as the payment rate for claims has “continued to slow,” according to a Reserve Bank of New Zealand (RBNZ) report.
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Need to protect local policyholders
11 Jun 2017
New Zealand’s largest general insurance company is supporting a proposed law change to see policyholders better protected in the event of their insurer's parent going belly-up overseas.
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Opportunity from WannaCry
10 Jun 2017
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
09 Jun 2017
A recent Canstar Blue survey suggests that Kiwis are over-confident about their home and contents insurance.
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New environmental policy
08 Jun 2017
XL Catlin has announced the release of a new environmental policy. The Real Estate Environmental Protection (REEP) solution is designed to help deal with environmental liabilities.
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AI to speed motor claims
07 Jun 2017
Suncorp in Australia plans to use artificial intelligence to determine liability in car accidents, helping to speed the claims process and reduce claims costs.
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Queens Birthday Honour
06 Jun 2017
Kevin Allen is named in the Queen's Birthday Honours 2017. He has has been awarded a New Zealand Order of Merit for his services to people with brain injuries.
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Still time to claim
06 Jun 2017
The Earthquake Commission is reminding customers whose land suffered damage from landslips or flooding during the storms in March this year that they still have time to lodge a claim.
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FENZ package prompts industry anger
05 Jun 2017
Under the FENZ Act, in addition to being given the onerous task of collecting the levy, insurers and brokers will be liable for shortfall penalties.
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Tenancy Bill too complicated
02 Jun 2017
Landlords are not happy about a Government move to close a loophole which can leave owners with the bill for tenant damage to their rentals. They say the change is still "overly complicated".
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$14M for residential meth claims
02 Jun 2017
IAG says it pays out $14 million methamphetamine claims on residential properties. Ralph Hart, IAG's personal lines underwriting solutions manager, said most claims in tenanted properties were for meth use.
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Rates decline continues
01 Jun 2017
Rates in the global insurance and reinsurance markets continue to decline according to reports from Marsh and JLT. The insurance rate decrease has moderated however this is not seen in reinsurance.
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Lowering solvency margins
31 May 2017
The RBNZ, in its latest six-monthly Financial Stability Report, says general and life insurers’ solvency margins have “stabilised at lower levels”.
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Insurance contract law reform
31 May 2017
The Minister of Commerce and Consumer Affairs is committing to reviewing legislation that has for decades been criticised for putting consumers on the back foot when dealing with insurers.
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Agreement reached on FSL
30 May 2017
IBANZ and the Insurance Council have reached an important agreement with the NZ Fire Service over transitional arrangements for the Fire Service levies.
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Blockchain to transform marine logistics
29 May 2017
Blockchain technology could save the marine industry trillions of dollars in processing fees and provide new trust in logistics.
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FENZ - the need to comply
26 May 2017
Auckland barrister Veronica Cress, has emphasised that the FENZ act imposes joint and several liability for shortfall penalties on the insurer, policyholder, and every insurance intermediary who arranges the insurance.
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Double hit for insured home-owners
25 May 2017
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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EQC levies rise 33%
25 May 2017
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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Controversial course maintained
25 May 2017
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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Loss creep continues
24 May 2017
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
23 May 2017
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
22 May 2017
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
19 May 2017
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
18 May 2017
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
17 May 2017
"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
17 May 2017
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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Roboadvice ahead of law reform
16 May 2017
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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Non-complying fittings signed off
16 May 2017
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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SMEs favour brokers
15 May 2017
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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"Conduct effectively unregulated"
15 May 2017
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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EQC leads clean-up
11 May 2017
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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Minister ignores issues as Bill passed
10 May 2017
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
10 May 2017
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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Slow in providing protection
10 May 2017
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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Under-insured due to rising costs
08 May 2017
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
05 May 2017
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?
03 May 2017
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
02 May 2017
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
01 May 2017
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
01 May 2017
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
01 May 2017
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?
29 Apr 2017
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"
28 Apr 2017
Reinsurers’ profits decreased, yet industry capitalisation grew in 2016, according to a Willis Towers Watson study.
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AI will transform industry
24 Apr 2017
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
21 Apr 2017
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
19 Apr 2017
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
19 Apr 2017
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
18 Apr 2017
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
13 Apr 2017
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
11 Apr 2017
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
11 Apr 2017
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
10 Apr 2017
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
10 Apr 2017
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
07 Apr 2017
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
06 Apr 2017
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
05 Apr 2017
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
04 Apr 2017
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
03 Apr 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
31 Mar 2017
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%
30 Mar 2017
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
29 Mar 2017
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
29 Mar 2017
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
28 Mar 2017
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
27 Mar 2017
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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How can it be made better?
24 Mar 2017
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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Sum insured values may be short
24 Mar 2017
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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Opportunity to access US market
24 Mar 2017
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
23 Mar 2017
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
22 Mar 2017
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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The "new frontier"
21 Mar 2017
Innovators and investors are shifting focus from banking to insurance, according to the International Association of Insurance Supervisors (IAIS).
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Western Pacific payouts
21 Mar 2017
The liquidators of Western Pacific Insurance have paid Canterbury policyholders $NZ18.7 million from money received from reinsurers.
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ICNZ refutes "uninsurable" allegation
21 Mar 2017
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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Reinsurance claims at $694M
20 Mar 2017
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
17 Mar 2017
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
17 Mar 2017
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
16 Mar 2017
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
15 Mar 2017
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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Takeover battle intensifies
15 Mar 2017
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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Expansion into NZ
15 Mar 2017
Allianz Marine and Transit, a specialist provider of underwriting, claims, and risk management services is extending its reach to NZ.
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Upset over new guidelines
14 Mar 2017
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
13 Mar 2017
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
12 Mar 2017
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
11 Mar 2017
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
10 Mar 2017
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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Slow progress on cyber
09 Mar 2017
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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SME losses average $19K
09 Mar 2017
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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Insurance driving demolition
09 Mar 2017
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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Issues with Airbnb sublet rental
08 Mar 2017
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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Insurer argues case
07 Mar 2017
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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Plan to move jobs offshore
07 Mar 2017
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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Drilling to assist claims
06 Mar 2017
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
04 Mar 2017
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
03 Mar 2017
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
03 Mar 2017
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
02 Mar 2017
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
01 Mar 2017
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
27 Feb 2017
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
24 Feb 2017
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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Looser restrictions on contents cover
22 Feb 2017
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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Solid growth in first half
22 Feb 2017
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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First half profit dip
22 Feb 2017
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
21 Feb 2017
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
20 Feb 2017
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
20 Feb 2017
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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Under insurance in Kaikoura
17 Feb 2017
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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Exposure draft of legislation released
17 Feb 2017
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
17 Feb 2017
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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Comprehensive drone cover
15 Feb 2017
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)
14 Feb 2017
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
13 Feb 2017
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
10 Feb 2017
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
09 Feb 2017
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
09 Feb 2017
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
08 Feb 2017
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
08 Feb 2017
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
07 Feb 2017
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
07 Feb 2017
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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Ratings drop does not apply locally
06 Feb 2017
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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Update from liquidators
06 Feb 2017
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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EQC & ICNZ meet claimants
03 Feb 2017
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
02 Feb 2017
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
01 Feb 2017
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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Business claims reach $900M
01 Feb 2017
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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Insurtech provider's new offerings
01 Feb 2017
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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Reinsurers might re-negotiate
31 Jan 2017
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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Class action appealed
30 Jan 2017
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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Insurer rejects takeover reports
30 Jan 2017
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
30 Jan 2017
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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Practical guide for cyber/data security - available for download
29 Jan 2017
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
28 Jan 2017
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
28 Jan 2017
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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Pay as you go
27 Jan 2017
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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Insurers and EQC in court
27 Jan 2017
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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Subsidy doesn't add value
26 Jan 2017
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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ICNZ rejects criticism
26 Jan 2017
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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Crashes and costs rising
25 Jan 2017
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
24 Jan 2017
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
23 Jan 2017
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"
20 Jan 2017
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
20 Jan 2017
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
19 Jan 2017
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
17 Jan 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
16 Jan 2017
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
13 Jan 2017
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
12 Jan 2017
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
11 Jan 2017
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
09 Jan 2017
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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2016 costly year for nat cat
06 Jan 2017
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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$7b catastrophe cover retained
06 Jan 2017
Insurance Australia Group (IAG) has retained its annual catastrophe reinsurance at A$7 billion by reducing its commercial portfolio.
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Cyber attacks drive sales
05 Jan 2017
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
04 Jan 2017
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
03 Jan 2017
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
28 Dec 2016
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
23 Dec 2016
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
22 Dec 2016
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
21 Dec 2016
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"
20 Dec 2016
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
20 Dec 2016
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
19 Dec 2016
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
18 Dec 2016
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
16 Dec 2016
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
16 Dec 2016
A class action against Southern Response has been given the green light to continue proceedings against the Canterbury earthquake insurer.
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Complaints up by a third
14 Dec 2016
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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Agreement shows way for legislation
14 Dec 2016
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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Industry welcomes agreement
13 Dec 2016
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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EQC and Insurers will work together
13 Dec 2016
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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Major acquisition announced
12 Dec 2016
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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QBE appoints CEO
12 Dec 2016
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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IAG launches Satellite
12 Dec 2016
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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Chief Executives departing message
09 Dec 2016
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’?
07 Dec 2016
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
06 Dec 2016
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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Eqke delays review
05 Dec 2016
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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Review of Membership Subscriptions
05 Dec 2016
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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Cross subsidies will end
02 Dec 2016
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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Disruptor reveals claims approach
02 Dec 2016
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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Repair bill estimated at $8 Billion
01 Dec 2016
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
30 Nov 2016
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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Reinsurance cover for quake claims
29 Nov 2016
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
29 Nov 2016
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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Separate company for quake losses
29 Nov 2016
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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Doyle hits Beach
28 Nov 2016
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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Settlement likely to be by cash
28 Nov 2016
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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More than 1,000 claims received
28 Nov 2016
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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Warning on non-structural risks
24 Nov 2016
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
23 Nov 2016
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
23 Nov 2016
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
22 Nov 2016
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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NZ Switches host
22 Nov 2016
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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Insurers scan social media for fraud
22 Nov 2016
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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Praise "prudent, disciplined" insurers
21 Nov 2016
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
21 Nov 2016
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
18 Nov 2016
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
18 Nov 2016
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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Availability of new Insurance
16 Nov 2016
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
16 Nov 2016
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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Average cyclone season predicted
16 Nov 2016
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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H&S reforms raise concerns
15 Nov 2016
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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SSP system breaks down again
15 Nov 2016
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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Reviews will strengthen regulation
15 Nov 2016
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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Complex premium impact
14 Nov 2016
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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Industry into action
14 Nov 2016
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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Trump fallout
11 Nov 2016
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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BHSI to partner with Cover-More
10 Nov 2016
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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Allianz Global Assistance appoints new NZ CEO
10 Nov 2016
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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Brokers need to innovate
09 Nov 2016
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
09 Nov 2016
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
08 Nov 2016
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
07 Nov 2016
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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Regulators levies to increase
04 Nov 2016
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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The "uncomfortable truth"
04 Nov 2016
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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Delayed review creates risk
02 Nov 2016
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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In 14 years to be precise
01 Nov 2016
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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Insurers settle $19 billion claims
01 Nov 2016
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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Increase seen as excessive
28 Oct 2016
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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Big increase for Fire Levy
27 Oct 2016
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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Review set to drag on
27 Oct 2016
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
27 Oct 2016
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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China Expansion too risky
26 Oct 2016
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
25 Oct 2016
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
24 Oct 2016
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
21 Oct 2016
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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GST Rules change
21 Oct 2016
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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Annual Report released
21 Oct 2016
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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New standards avoided - for now
20 Oct 2016
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
20 Oct 2016
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
19 Oct 2016
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
18 Oct 2016
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
17 Oct 2016
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
17 Oct 2016
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
14 Oct 2016
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!
13 Oct 2016
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
12 Oct 2016
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
07 Oct 2016
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
05 Oct 2016
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
04 Oct 2016
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
29 Sep 2016
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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Chief Executive to depart
28 Sep 2016
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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Warning on disrupters
28 Sep 2016
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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Marine premiums sinking fast
27 Sep 2016
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
26 Sep 2016
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
23 Sep 2016
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"
23 Sep 2016
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
22 Sep 2016
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?
22 Sep 2016
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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Client expectations changing
21 Sep 2016
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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Health & Safety warning
21 Sep 2016
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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Just to be clear
20 Sep 2016
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
19 Sep 2016
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
15 Sep 2016
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"
15 Sep 2016
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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What is good advice?
14 Sep 2016
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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Google's insurance intentions
14 Sep 2016
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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AA to offer full replacement cover
13 Sep 2016
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?
12 Sep 2016
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
12 Sep 2016
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
09 Sep 2016
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
09 Sep 2016
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
08 Sep 2016
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
07 Sep 2016
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
05 Sep 2016
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
02 Sep 2016
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
01 Sep 2016
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
30 Aug 2016
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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Insurers could get public warning
29 Aug 2016
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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Co-founder steps down
29 Aug 2016
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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Formal discussions to start
26 Aug 2016
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
25 Aug 2016
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
22 Aug 2016
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
18 Aug 2016
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
17 Aug 2016
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
15 Aug 2016
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
12 Aug 2016
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
11 Aug 2016
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
09 Aug 2016
"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
08 Aug 2016
“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
05 Aug 2016
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
04 Aug 2016
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
04 Aug 2016
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
03 Aug 2016
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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March costs Insurers $30M
02 Aug 2016
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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Facts to sell Cyber Insurance
02 Aug 2016
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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Dawson sells stake in business
01 Aug 2016
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
01 Aug 2016
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
29 Jul 2016
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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Cyber cover launched
28 Jul 2016
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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Appointment announced
28 Jul 2016
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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Court ruling creates rush of calls
27 Jul 2016
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
27 Jul 2016
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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Consultation on Funding
27 Jul 2016
Commerce and Consumer Affairs Minister Paul Goldsmith has called for submissions on the reviews of Financial Markets Authority (FMA) funding.
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Rating affirmed with revised outlook
26 Jul 2016
AM Best has affirmed the Lloyd’s rating of A (Excellent) but has revised the outlook to stable from positive.
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Report released under OIA
26 Jul 2016
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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Less time for advice
25 Jul 2016
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
22 Jul 2016
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
21 Jul 2016
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
20 Jul 2016
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
19 Jul 2016
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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Out of jail with new skills
18 Jul 2016
In 2014, Grant Malcolm Herbert was sentenced to four and a half years in prison for using client funds for his own expenses. He spent his time in jail improving his culinary skills.
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ICNZ defends response to meth labs
18 Jul 2016
“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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Concern over new classification
14 Jul 2016
The suggestion that "agents" could soon be operating in the financial advice sector has some parts of the profession worried.
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Review outcomes announced
13 Jul 2016
Commerce and Consumer Affairs Minister Paul Goldsmith has announced numerous changes to the legislation which covers financial advice and financial advisers including insurance brokers.
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Support for disclosure
12 Jul 2016
The Insurance Council of New Zealand supports the broad outline of proposals to lift the quality of financial advice released by Commerce and Consumer Affairs Minister Paul Goldsmith today.
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More taxpayer funds needed
12 Jul 2016
More taxpayer funds are set to be used to prop up Southern Response Ltd which was set up in a Government bail out of AMI Insurance four years ago after AMI ended up being over-exposed to insurance claims arising from the Canterbury earthquakes.
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Infrastructure insurance required
06 Jul 2016
The Christchurch City Council is attempting to negotiate more insurance cover for its $6.3 billion of underground assets after just 1.6 per cent of those assets are insured.
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Next stage of consultation
06 Jul 2016
Following the First Reading passage of the Fire and Emergency Bill, Internal Affairs Minister Peter Dunne has released a discussion document on new fire services regulations as part of the reform of the fire services sector.
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FAQ on new cargo rules
05 Jul 2016
The World Shipping Council (WSC) has released a set of frequently asked questions on new shipping rules. Under the rules shippers are required to verify a cargo container’s gross mass before loading it.
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Changes no great shock
04 Jul 2016
Minister of Commerce Paul Goldsmith is taking a paper on the review of the Financial Advisers Act to cabinet later next week and changes are likely to be revealed later this month.
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Western Pacific latest
04 Jul 2016
Western Pacific Insurance’s liquidator says the last eight claims arising from the Canterbury earthquakes were expected to be completed by the end of last month, covering $5.6 million.
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Transparency needed
04 Jul 2016
Independent dispute resolution service firm, Financial Services Complaints Limited (FSCL), has urged the financial services industry to provide clear and comprehensive advice to consumers about replacement insurance cover.
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Legislation Introduced
01 Jul 2016
Internal Affairs Minister Peter Dunne has introduced legislation to modernise New Zealand’s fire services by setting up a single fire organisation responsible for urban and rural fire.
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Research to aid volcanic warning
30 Jun 2016
Will Aucklanders have enough time to evacuate before a volcanic eruption? That’s what a team of researchers want to help find out, thanks to $67,315 funding from the EQC’s Biennial Grants Programme.
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Driverless cars need a response
23 Jun 2016
NZ's insurers are grappling with how to deal with the advent of driverless cars, the use of which is expected to slash insurance premium volumes as accident rates decline.
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Supreme Court grants appeal
22 Jun 2016
The Supreme Court has granted leave to appeal the Court of Appeal’s decision in Prattley Enterprises Ltd v Vero Insurance New Zealand Ltd [2016] NZCA 67.
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Client's best interest in spotlight
21 Jun 2016
Placing the "interests of client first or acting in the "client's best interest" is an ethical issue which is coming under increasing attention through a legislation review in NZ and legal action in Australia.
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250th Anniversary conference
20 Jun 2016
A conference is to be held celebrating the 250th anniversary of the case of Carter v Boehm (1766) during which Lord Mansfield set out the principle of "Utmost good faith" which has become the cornerstone of insurance around the world.
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Maintenance an issue at claim time
17 Jun 2016
One in every hundred people surveyed by AA Insurance has had a house insurance claim turned down because of their failure to keep their place well-maintained.
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Settlement of ILV claims has begun
16 Jun 2016
The Earthquake Commission has begun settling claims for 4,400 customers whose properties have qualified as having an increased vulnerability to liquefaction (ILV).
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EQC/Insured agreement not binding
15 Jun 2016
Court says the insured cannot rely on what the EQC has paid in order to claim that the insurers are liable for the balance of repair costs if an issue remains on whether the EQC has met its full liability.
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Insurers urged to leverage data
14 Jun 2016
Insurers urged to leverage data instead of drowning in it.
Stop “annoying” their customers by asking them redundant questions in insurance applications.
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Opposition to Fee hike
13 Jun 2016
Wellington City Council has become the second major council to reject a cash strapped insurance company's bid to hike its directors' fees.
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Rural Appointment at NZI
13 Jun 2016
NZI seeks growth through rural cover appointment of Jon Watson as its Head of Rural Insurance.
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Appointments to EQC Board
13 Jun 2016
Minister Responsible for the Earthquake Commission Gerry Brownlee has announced one new appointment and two reappointments to the Board of the Earthquake Commission (EQC).
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Remedial repairs may cost $70M
10 Jun 2016
The Earthquake Commission (EQC) has spent $7m on remedial work so far but with 100 remedial requests per week coming in it predicts the final cost could be 10 times that.
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First Driverless Car Policy
08 Jun 2016
UK broker Adrian Flux has launched its first personal driverless car insurance policy. Gerry Bucke, general manager for Adrian Flux said: "We understand this driverless policy to be the first of its kind in the UK - and possibly the world.
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NSW starts levy transition
07 Jun 2016
Insurers are ready to transit to NSW’s new system of funding its fire and emergency services via a property charge after Parliament passed legislation last week to abolish the existing levy on insurance policies.
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Cautious welcome for game plan
07 Jun 2016
Insurance ratings agency AM Best has affirmed the issuer credit rating of AIG after earlier this year placing its ratings “under review with negative implications”.
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Reinsurance rates fall "slowing"
06 Jun 2016
The June renewals show strong signs that reinsurance rates are stabilising, according to JLT Re. Following five years of decline and double-digit falls, rates continued to drop, but within the range of flat to -5%
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S&P reports on market
03 Jun 2016
A soft-pricing environment, increasing competition and continued Canterbury uncertainty are buffeting the NZ non-life insurance market.
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Land claims drag out liabilities
02 Jun 2016
The value of Canterbury's outstanding EQC claims is far greater than the Government previously budgeted for. Minister Gerry Brownlee, said the increase was because of delayed land claim settlements.
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Assessment models hit loss adjusters
02 Jun 2016
Insurers are implementing different types of claims assessing models that either remove or limit the use of loss adjusters, says Mr Michael Collins, President of the Australasian Institute of Chartered Loss Adjusters (AICLA).
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Caution around EQC figures
01 Jun 2016
Insurers are still being cautious about confirming definite numbers of over cap claims from the Earthquake Commission, despite the work EQC has undertaken to give them more certainty.
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Delta doubles cover with Antares
31 May 2016
Underwriting agency Delta Insurance has partnered with Lloyd’s managing agent Antares to double its liability cover to $30 million.
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Container crackdown
31 May 2016
New rules preventing containers lacking verified weight information from being loaded onto ships have left the industry floundering, according to XL Catlin.
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New class action
30 May 2016
A group of Christchurch homeowners have launched a new class action against insurer Southern Response. The 46 policyholders, first lodged a claim against the insurer last year.
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Crowd Funding cover launched
27 May 2016
AIG has launched an industry-first insurance product in the UK and Canada particularly designed to protect investors on equity crowdfunding platforms against issuer fraud.
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Commission decision reversed
24 May 2016
Just over two years since Vero Australia made its unpopular decision to slash broker commission on personal lines policies by 7.5%, they are returning to the old level of 22.5%.
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EQC receive 12,000 fresh claims
23 May 2016
Almost 10,000 Canterbury property owners have lodged damage claims following the Valentines Day earthquake. The EQC has received more than 12,000 fresh claims for the magnitude-5.7 shake as some property owners lodged more than one.
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New specialty underwriter in NZ
23 May 2016
StarStone, global specialty insurer and subsidiary of Enstar Group, announces the creation of underwriting capability in Australia and NZ. The new hub will operate alongside Enstar’s existing Australian operation.
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Cyber cover common in three years
20 May 2016
Global brokerage Marsh has predicted that in three years, every large company will have some kind of cyber insurance, according to a Financial Times report.
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GST impact on overseas placements
18 May 2016
New tax legislation which comes into force on 1st October 2016 includes changes on how GST is treated when cover is being underwritten by an overseas insurer.
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Drones worth billions
17 May 2016
Drones could replace $US6.8 billion ($9.35 billion) worth of services for insurers in the near future, according to a PricewaterhouseCoopers report.
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New rules on maritime losses
17 May 2016
Revised rules governing global maritime losses will benefit the shipping community and insurers, according to the International Union of Marine Insurance (IUMI).
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High Court judgement against insurer
16 May 2016
IAG NZ has lost a declaratory judgment over a State Insurance contract it had with a Christchurch couple after the judge agreed with them that the typed agreement both parties had signed was binding and enforceable.
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Suncorp chases millennial market
13 May 2016
Suncorp hope they might have cracked the millennial insurance market with the imminent launch of their on-demand insurance platform, Trōv Protection.
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Turning risk into opportunity
12 May 2016
The PWC "2016 New Zealand Financial Services CEO Survey" examines the trends that are shaping the sector and how CEOs are responding.
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Report on Sum Insured house cover
11 May 2016
A New Zealand Treasury report concluded under-insurance is still a real issue across the country. The aim of the report was to investigate how successful the shift to sum insured house policies had been.
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Govt urged to set cyber security standards
11 May 2016
The government could give a big boost to cyber security and insurers if it required businesses to meet a certain standard of cyber security, according to Delta Insurance's General Manager, Mr Craig Kirk.
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Lloyd's CEO to retire early
10 May 2016
Lloyd’s of London Chairman John Nelson has announced that he will retire in May 2017 – five months ahead of schedule. Nelson made the announcement during his speech at Lloyd’s New York City Dinner last week.
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Limitation Act - What it means
09 May 2016
New Zealand legislation includes the Limitation Act 1950 with a 2010 update which came into effect on 1st January 2011. The significance of these Acts is that they can be used by insurers as a defence against a claim.
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Latest Canterbury claims statistics
09 May 2016
Insurers have received an extra 403 properties from the EQC in the last quarter, taking the total to 1,553 for the last 12 months, according to figures released today by the Insurance Council of New Zealand (ICNZ).
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Premium Funder exits NZ
09 May 2016
Centrepoint Alliance Premium Funding is pulling out of the New Zealand market, one year after announcing its expansion here.
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Insurers warned of threat
06 May 2016
The threat from online giants like Google, Apple and Amazon is very real – and it’s insurers rather than brokers who need to worry, according to FinTech specialist Mark Broadhurst.
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Consumers move online
04 May 2016
Almost a fifth of consumers would buy insurance or banking services from challengers such as Google, Facebook and Amazon, according to a new Europe-wide study from Fujitsu.
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Standard set with EQC declaration
02 May 2016
A group of 98 Canterbury homeowners has won a landmark settlement with the Earthquake Commission following a declaratory judgment in the High Court.
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Fire levy disappointment spreads
02 May 2016
LMI Group founder Professor Allan Manning has described his shared disappointment with the New Zealand insurance industry following Friday’s announcement of the new fire service funding regime.
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IBANZ Summary - New Fire Service Levy Regime
29 Apr 2016
After 17 reviews of the Fire Service the government has finally decided to introduce a new regime. The first part of this was announced last year when it was decided to merge the urban and rural services into a single service.
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Landlord vs tenant decision odd
29 Apr 2016
The recent decision by the high court is at odds with insurers (and courts) outcomes in respect of claims where tenants have caused damage to rented residential property.
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Budget: $303m to merge Fire Service
29 Apr 2016
Internal Affairs Minister Peter Dunne today announced funding of $303 million over five years to combine urban and rural fire services into one organisation from mid-2017
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Soft market risks hampering CPD
21 Apr 2016
The current soft market risks hampering brokers' professional development, as well as undervaluing the role of underwriters, according to Lloyd's General Representative for Australia, Mr Chris Mackinnon.
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Acquisition Announcement
20 Apr 2016
Owen Ramsay and David Archer are pleased to announce that agreement has been reached for BrokerWeb Risk Services Limited to acquire a shareholding in Insurance Brokers Alliance Limited.
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New Professional IQ Chair Plans for FAA Outcomes
20 Apr 2016
David Crawford, Director of Insurance Advisernet, has been appointed as the new Chairperson of Professional IQ College.
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Review of Prudential Supervision
18 Apr 2016
The Reserve Bank (RBNZ) will review the Insurance Prudential Supervision Act this year – the first review since its inception five years ago.
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Cover-More and Westpac team up
12 Apr 2016
Travel insurer Cover-More has begun offering its products to Westpac New Zealand customers, under a partnership established in December.
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Lloyd's fears Brexit consequences
11 Apr 2016
Seven out of 10 insurers, brokers and service providers in London’s international insurance market believe leaving the European Union would “hurt” or “severely damage” Lloyd’s.
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Australian Local Govt changing
11 Apr 2016
Local government councils in Australia are beginning to shift their insurance placement to the commercial market.
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Utmost good faith principle tested
09 Apr 2016
An insurance dispute over a sunken barge is testing the principle of Uberrimae fidei, utmost good faith in the US courts.
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NZBrokers makes key appointment
08 Apr 2016
NZbrokers has tempted industry veteran Jo Mason back to Auckland after less than a year in Australia with Allianz.
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Rise in complaints to IFSO
07 Apr 2016
Canterbury earthquake insurance issues are one reason for the steep rise in complaints to the Insurance & Financial Services Ombudsman over the past 4 months.
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New Aussie Funding Initiative
04 Apr 2016
Premium finance company - Premium Funding - have announced a new funding product, called Premium Funding Advance, offering clients pre-approved business loans giving brokers access to a new revenue stream.
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Court decision on cash settlements
04 Apr 2016
Inconsistent language in an indemnity policy affects method of settlement according to Court of Appeal decision on the correct way of cash settling a claim for destruction of a building covered under an indemnity policy.
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Youi come under intense fire
01 Apr 2016
Nine current and former Youi employees have come forward to tell their stories since Interest.co.nz published its investigation into the insurer last week. Youi’s New Zealand sales floor has been described as “feral”.
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