Women were less likely to have travelled overseas in the last 12 months than men (38% v 50%), while Millennials and Gen Z are more likely than other groups to have travelled overseas (57% and 48% respectively), according to the "Future of Travel 2024" report released by Southern Cross Travel Insurance.
The New Zealand general insurance industry is set to grow at a compound annual growth rate (CAGR) of 7.3% from NZ$9.7bn ($5.9bn) in 2024 to NZ$12.9bn ($7.9bn) in 2028, in terms of gross written premiums (GWP), according to data and analytics company, GlobalData.
Listed general insurer Tower plans to offer parametric insurance across five Pacific territories by the financial year ending 30 September 2025 (FY2025), said Tower chairman Michael Stiassny.
More than two-thirds of respondents in Consumer NZ's latest insurance satisfaction survey were concerned about the cost of house insurance, with 8% of homeowners letting their policy lapse due to high costs.
The Council of Trade Unions (CTU) has said that a report released by New Zealand's Productivity Commission shows the need for the protection that income insurance provides.
Australia's Market Lane Insurance Group, a coverholder at Lloyd's, has set up a presence in New Zealand, in its first international expansion.
According to WTW's Global Real Estate Risk Outlook 2024 - Smarter risk management: Navigating emerging challenges, risks and opportunities, 63% of businesses in APAC have "some cover for extreme weather events", although it was uncertain if the coverage would be sufficient.
The final estimate of insurance market losses from the New Zealand North Island floods is NZD2.2bn ($1.4bn), PERILS said in a press release. The floods occurred in January and February 2023. The floods were fuelled by extraordinarily warm and humid weather and damaged many properties and vital infrastructure.
Mr Andrew Bayly, Minister of Commerce and Consumer Affairs, has said that the government will reform financial services regulations, ensuring clarity and cutting red tape for both institutions and Kiwis.
The widespread adoption of a standardised method to assess the costs associated with climate change-induced weather events will be a pivotal step towards fostering resilience, according to NZIER, an independent economic consultancy.