New research by private health insurer, nib New Zealand, has revealed that almost half of Kiwis (47%) are behind on their general health check, yet the majority believe their current health is in good shape.
The Insurance Council of New Zealand (ICNZ) has introduced more detailed reporting about complaints in a commitment by the insurance industry to provide greater transparency and openness to New Zealanders.
Minister of Commerce and Consumer Affairs of New Zealand Andrew Bayly has said that he wants to revert to a twin-peak regulatory model in the financial sector.
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.