Insurers in New Zealand are responding to losses from recent Nat CAT events with significant pricing increases. At renewal, the industry is seeing premium rises of 20-50% in property classes and 10-20% in motor, according to Mr Mark Gustafson, general manager of Certus Insurance Brokers (CIBNZ).
Sydney-headquartered Emergence Insurance, an underwriting agency specialising in cyber insurance, has established a company in Auckland in New Zealand.
The Earthquake Commission (EQC) has secured a record level of reinsurance of just under NZ$8.2bn ($5bn), up from NZ$7.4bn last year, for New Zealand homeowners.
The Government will enter into a funding arrangement with councils in cyclone and flood-affected regions to support them to offer a voluntary buyout for owners of residential properties designated as Category Three properties, said Mr Grant Robertson, Cyclone Recovery Minister, yesterday.
House insurance premiums jumped on average by 20.3% in the 12 months ended 31 March 2023, according to data collected by online insurance platform company Quashed.
PERILS, the independent Zurich-based organisation providing industry-wide catastrophe insurance data, has disclosed that its second industry loss estimate for Cyclone Gabrielle stands at NZS1,925m ($1,210m).
The government has announced a flood and cyclone recovery package of around NZ$1bn ($625m) as part of Budget 2023 that covers the basics of rebuilding roads, rail and schools while preparing for future events with a big investment in flood protection measures.
Insurance Advisernet (IAN), a broking network with over 250 insurance advice practices across Australia and New Zealand, says that insurance premiums do not simply increase to make insurers more money.
The industry loss estimate for the floods across the North Island of New Zealand which occurred during the period of 27 January to 2 February 2023 stands at NZ$1,754m ($1,099m), says PERILS, the independent Zurich-based organisation providing industry-wide catastrophe insurance data.
New Zealand's Cyclone Recovery Minister has outlined three categorisations of property in areas affected by the severe weather events earlier this year. The three categories range from damaged properties needing simple repairs to those which would never be rebuilt again.